South Korea is planning a bill to ban cryptocurrency trading as a clampdown on virtual currencies gathers pace in one of the world's most exuberant bitcoin markets. Nov 06, · South Korea is to ban crypto exchanges from handling digital assets it considers “dark coins”. Regulator Financial Services Commission (FSC) is specifically targeting privacy coins such as dash, monero and zcash. South Korean platforms such as Okex have since been forced to delist several privacy coins ● The ban is in effect from March Jan 23, · SEOUL (Reuters) - South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30, regulators said on Tuesday in a .
South korea bitcoin trading banSouth Korea to ban cryptocurrency traders from using anonymous bank accounts | Reuters
It still trades at around a 30 percent premium compared to other countries. South Korea's cryptocurrency-related shares were also hammered. Vidente KQ and Omnitel KQ , which are stakeholders of Bithumb, skidded by the daily trading limit of 30 percent each.
There are more than a dozen cryptocurrency exchanges in South Korea, according to Korea Blockchain Industry Association. The proliferation of the virtual currency and the accompanying trading frenzy have raised eyebrows among regulators globally, though many central banks have refrained from supervising cryptocurrencies themselves.
Some investors appeared to have taken preemptive action. That created confusion and triggered a broad selloff among investors. By Cynthia Kim. Everyone from housewives to college students and office workers have rushed to trade the market despite warnings from global policymakers about investing in an asset that lacks broad regulatory oversight. The bitcoin price in South Korea extended loss following the latest regulatory announcement, down 3.
In Tuesday afternoon trade, it was up 5. Policy makers around the world are calling for tougher, coordinated regulation of cryptocurrency trading. Over the past month, government statements have underscored differences between the Justice Ministry, which has pushed for a more hardline approach, and regulators who have shown a reluctance to enforce an outright ban.