South Korea: Strict rules on cryptocurrencies
South Korea is a stronghold in cryptocurrency trading such as Bitcoin – and now has significantly tightened its trade rules. Thereupon the Bitcoin course dropped significantly.
South Korea is tightening the rules for trading Bitcoin and other cyber currencies. From the end of January anonymously managed bank accounts are no longer allowed for trading purposes, as the financial regulator announced on Tuesday in Seoul. With this step, South Korea wants to stop the use of Bitcoin for money laundering and other criminal activities.
Limited speculation with the currencies
After the ban became known, the Bitcoin price continued its decline, temporarily losing more than three percent to $ 12,699, according to data from South Korea's largest stock exchange, Bithumb, for cyber foreign exchange. Already last week, the price on the Luxembourg Stock Exchange Bitstamp had fallen by almost 20 percent.
South Korea's government wants to control speculation with cyber currencies even more. The head of the Financial Services Commission, Choi Jong Kusogar, even called the closure of all local virtual currency trading platforms as an option. The Bureau had then stated that this was only one of the steps that would be considered. Concrete actions were not determined yet.
i'm not sure if it's just basic "know your customer" rules that were instituted or was it something more. We have the KYC rules in the states so people don't get away with not paying taxes.
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