[2017-12-27]South Korea’s government will impose measures to regulate speculatio

[vit05]

South Korea to impose new curbs on cryptocurrency trading
Reuters Staff

2 MIN READ

SEOUL (Reuters) - South Korea’s government said on Thursday it will impose additional measures to regulate speculation in cryptocurrency trading within the country.

A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. REUTERS/Dado Ruvic/Illustration
“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.

It noted that trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries, although it did not provide specific examples.

The steps will include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual coin exchanges if needed, a measure recommended by the justice ministry, the statement said.

South Korea had previously announced its plan to tax capital gains from cryptocurrency trading to tackle what it sees as the risk of excessive speculation.

Bitcoin, the world’s biggest and best-known cryptocurrency, has gained more than 19-fold this year.

In South Korea, bitcoin has been extremely popular, drawing wide participation from housewives and students. As of 0304 GMT, it stood at $14,384 on the Luxembourg-based Bitstamp exchange.

https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-to-impose-new-curbs-on-cryptocurrency-trading-idUSKBN1EM05K

[iamTom123]

I have been expecting for this and it is a bit surprising that it took the government some time before finally deciding to regulate the market. Now, we have to remember that regulate does not mean that the government will limit Bitcoin trading but rather will lay down the rules and measures in order to protect the general population who might want to also invest into cryptocurrency. There would be procedures that must be followed and one very important requirements will be for exchanges to implement KYC protocols. And all of these are just normal and should be welcomed with open arms. Those in the cryptocurrency in South Korea should world hand-in-hand with the government in implementing regulations from the government so there would no rift between the two sides. Once we will see that South Korea is successful in regulating Bitcoin trading am sure it can be copied by other countries who are having fear and fright on Bitcoin. Welcome to the real world, everyone!

[MMostaza]

I have been expecting for this and it is a bit surprising that it took the government some time before finally deciding to regulate the market. Now, we have to remember that regulate does not mean that the government will limit Bitcoin trading but rather will lay down the rules and measures in order to protect the general population who might want to also invest into cryptocurrency. There would be procedures that must be followed and one very important requirements will be for exchanges to implement KYC protocols. And all of these are just normal and should be welcomed with open arms. Those in the cryptocurrency in South Korea should world hand-in-hand with the government in implementing regulations from the government so there would no rift between the two sides. Once we will see that South Korea is successful in regulating Bitcoin trading am sure it can be copied by other countries who are having fear and fright on Bitcoin. Welcome to the real world, everyone!

Yours is a very good conclusion. First of all when I read the News I thought it was negative, but after read your point I think is kind of positive, with some exceptions.

I think that South Korea is starting to regulate precisely because Bitcoin use is largely extended in the country. And it can be a good pattern to build regulations in other countries. But, at the same time, I think that to oblige to register the users of the transactions is totally against one of the core ideas of crypto coin: anonymous and security.

We will need to wait and see how those laws evolve and how restrictive they are to have the whole picture of the situation.

[1Referee]

It's funny how the mainstream media is twisting things and name these South Korean measures to be the reason the market today has been dumped down significantly. It's bolded because they were strongly emphasizing how hard the price went down today, lol. It's just normal market volatility in days where there is no clear direction to move to. It's pretty pathetic how even now the idiots from the mainstream media don't know what they are talking about. If Bitcoin is increasing in value, they praise how well it has done this year, but if the price goes down with just $1000-$1500, which is common volatility in the crypto market, they are talking about bursting bubbles and Bitcoin losing traction.

[greeklogos]

Regulation is that thing that is waiting for all segments of the market of crypto-currencies. I just do not understand why did they all together decided to start from trading and exchangers, those parts which doesn't bring anything dangerous besides speculative moves, but not from ICOs which are should to be regulated for sure , we all know that 98% (as Vitalik Butarin said) is a scam.

[MoonJeina]

The "regulations" are  a very expected move of government to something they actually cannot control easily . Even though the regulation thing does not give a lot of pain in the ass to the people , The feature described in the policy of " no anonymity " account will totally halt the things for the users of crypto currencies . The check on every account and giving relevant details everywhere will make everything such a large procedure with lot of troubles in dealing on daily basis.  The regulation should just be on the local exchanges not on every ICO project . That would be too difficult for the users and will make everything transparent to every other user.