[2017-12-28]South Korea restricts, but does not prohibit cryptocurrency trading

[DowBit]

Subsequent decreases in BTC and altcoin are probably due to rumors about a trading ban in South Korea’s. However, market panic is not advisable, as the promises of cryptocurrency market regulation mainly concern “Korean youth.”

South Korea and the Cryptocurrency market
South Koreans trade the highest volume of cryptocurrency in the world. Bithumb, the largest cryptocurrency exchange, is based there. Therefore, all information on the market situation in South Korea has a real impact on what will happen around the world.

One of the major events in South Korea was the introduction of an ICO ban in September. Now we are witnessing new regulations aimed at lowering the level of anonymity in the cryptocurrency exchange market. From now on, it will not be possible to trade in South Korea from an unverified account. In addition, the adjustments primarily target young investors. People under 19 years old will be barred from trading on the stock exchange. Some investors have started to panic. Many feared further restrictions or a total ban on trade, causing a dip in price.

more: https://dowbit.com/south-korea-restricts-cryptocurrency-trades/

[steadyrice]

This is good news. Increased regulations are good for the cryptocurrency environment in my opinion, it means that people will feel better about investing into cryptocurrencies because they will not have to worry about what is going to happen to the profits that they are going to make off of them.

[Kemarit]

This is not a big news to me. Nothing to be a concern. South Korea just wants to control their youth from investing and I think this is a good idea to begin with. At least 19 years of age should be eligible to start trading. Well I think start at a young age in crypto trading, but If I'm 18 and trading, I don't think that I will do good as well. Trading has a lot of holes that you need to understand. If you are very young and just thinks of investing and trading is the fastest way to get a good amount of money but soon you find it the hard way that its not, then I don't know what those youth are going to do next. In a matter of days when everything settles down, and after the holidays, bitcoin can recover and can regain traction once more, specially in the coming 2018. I'm expecting that next year will be big for the market. And for those South Korean's who are still under 18, I'll just advise to learn more about trading and not just go in at a early age. They have lots of time on their side.

[Marucya]

If the government of South Korea introduces such restrictions because of young people, to warn them against ill-considered acts with money, even digital ones, this is still permissible. Young people under the age of 19 are really better off restricting for their own good to conduct operations with the crypto currency. However, I am alarmed by the fact that people will be banned from selling crypto currency from anonymous and unacknowledged accounts. That is, it turns out, one of the important principles of the existence of a decentralized crypto currency - its anonymity - is being destroyed.

[J. Cooper]

If the government of South Korea introduces such restrictions because of young people, to warn them against ill-considered acts with money, even digital ones, this is still permissible. Young people under the age of 19 are really better off restricting for their own good to conduct operations with the crypto currency.

Where I come from one reaches maturity at the age of 18. So why restrict it to 19. I'm certain there a couple of bright youngsters that will miss out on the investment of their lives due to this regulation. Let them experiment, let them learn from their mistakes so they can grow as an investor. I also feel like this regulation could have the opposite effect. If certain sub 19 south Koreans are determined to get into crypto they will find other ways to obtain cryptocurrency. They will be forced to turn to less safe trading environments and thus be exposed to an unnecessary danger.

[MoneyMotivatesMe]

This news has been misinterpret by a lot of people and think it as a ban and created a fud around btc.

[MMostaza]

A survey showed that 31% of South Korean professionals are cryptocurrency investors. I believe this a big amount for a society and that at some point is logic that the government thinks is better to regulate how this 31% of its population is using their money, because at the end, this money is also part of South Korea economy system.

We will need to wait to know in which way these regulations are going to affect the principles of crypto currency and, also, if they are going to affect investors from the rest of the world.