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South Korea to ban anonymous cryptocurrency trading, allow regulators to close exchanges

 The South Korean government has taken new measures to curb the speculative trading on cryptocurrency exchanges, reports Reuters. They will include a ban on opening of anonymous cryptocurrency trading accounts and new laws that will allow regulators to close cryptocurrency exchanges, if needed.


“The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility,” the government said in a statement, quoted by the news agency.


According to the statement, the prices of most cryptocurrencies are much higher on South Korean than on foreign exchanges, without elaborating further.


This development is the latest twist in the South Korean regulatory saga for Bitcoin and the likes and the operation of the exchanges. Recently there have been numerous and often contradicting reports whether or not the authorities will ban the exchanges altogether, similarly to China, or will take other measures. So far, the only certain news is that South Korean Financial Services Commission (FSC) forbade the initial coin offerings (ICOs) in order to safeguard investors from excessive risks.


On the other hand, bitcoin trading in South Korea is very popular and the country is home to several large cryptocurrency exchanges, like Bithumb, Korbit and Coinone. They are subject to some oversight from FSC and most have rigorous customer identification requirements.


TAGS: south korea  bitcoin  cryptocurrency  regulation 

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