Bitcoin price after South Korea moves to regulate cryptocurrency trading

[hugeblack]

South Korean government said " it would implement new rules to regulate cryptocurrency trading ".[1]

Reuters said, "Those new regulations would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges".[2]

Do you think this news will affect bitcoin price?

[mwaqar17]

In my opinion it should be affecting the BTC price (as it is already affecting BTC price) because everyone will start thinking about the rules before dealing in BTC. It is not necessary that everyone will like or understand new rules. They might need some time to find out ways to tackle these new rules. Other thing that can also effect is situation of market now a days as it's getting ups and downs very quickly.

P.S: I was looking at the news as well that there is decline of 15% in BTC price due to the announcement of new regulations in South Korea.

[1Referee]

It shouldn't. Bitcoin is expanding into a territory where the government was (is) the sole ruler, and for that reason you can't expect them to let Bitcoin continue to gain ground without the necessary regulations being enforced. I rather have it happen now than a few years away from now, because there is absolutely no need for governments to stretch things too far out. "anonymous" trading has already being hammered down by most of the exchanges, where Bittrex functions as a perfect example. It has gone so far, that even legacy accounts aren't safe anymore. Just today articles popped up that Poloniex will force legacy accounts to verify themselves as well, so South Korea definitely isn't the first to come up with this.

[bob3772]

South Korean government said " it would implement new rules to regulate cryptocurrency trading ".[1]

Reuters said, "Those new regulations would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges".[2]


Do you think this news will affect bitcoin price?

Any negative news and uncertainty can influence bitcoin price, even before it actually comes to fruition. People value the anonymity of bitcoin and so any move to take that away will always hurt the price in some way. The good thing is that with any such announcement, the uncertainty is normally the worst of it, once things become clearer the price normally recovers.

[InvoKing]

South Korean government said " it would implement new rules to regulate cryptocurrency trading ".[1]

Reuters said, "Those new regulations would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges".[2]


Do you think this news will affect bitcoin price?

Regulations in the first phase may impact negatively the price but later a second rise phase will happens for sure once the first phase happens. The example of the Chinese one even if it isn't that similar.

[chefbauer]

this was the main reason of why the price started to go down so fast, maybe this is preocupant for the ones who live in there, but for the rest of the world it is useless, only that the prices go down..

[omonuyak]

I think this news is going to affect bitcoin price, including other crypto currencies! South Korea is one of the strong countries that has give crypto currencies great leverage and most of the bitcoin's enthusiasts are from Korea and exposing transactions will be what they may not want.

[mobnepal]

KYC is important for any regulated trading platform and it is not quite new.

Also if trader wants to remain anonymous they can trade bitcoin for USDT in other trading platform within limits without getting verified and than cash it out by selling bitcoin to local guy near them.

Actually government just want to suck tax from bitcoin related income that's why they are tightening account verification specially in local trading platform.

[kolesozw]

South Korean government said " it would implement new rules to regulate cryptocurrency trading ".[1]

Reuters said, "Those new regulations would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges".[2]


Do you think this news will affect bitcoin price?

They are just tightening the rules and that was expected after they already forbid foreigners to open banks accounts for trading. The market could reach negatively first, but then it will recover fast.

[buwaytress]

That news first broke over two weeks ago - almost in the same week that Bitcoin futures starting trading with CBOE. It failed to have any impact then, even with the double slam of "bad news", the decline really only arrived a week after that in conjunction with Bitcoin Cash on Coinbase.

Yes, it might have been less than confirmed at the time, but all the local agencies in South Korea had been reporting it pretty well, with even Reuters also already just about confirming that it was true. So even if there were any effect, it's all well and truly priced in.

Take a hike back a few months to see the effect of Japanese regulations. Also hardly as bearish as most predicted.