South Korea: Crypto Mixed up in $600 Million Illegal Forex Trade
Feb 01, 2018, 00:56
'Regulating exchanges is (the government)'s immediate task, ' Kim said.
As traders are becoming increasingly panic-struck in the markets, the government has to take steps to ensure that calm prevails.
These legal provisions should not be considered in a negative light as it allows cryptocurrency trading to commence by the time you are reading this article, in South Korea. The primary rules included the prevention of anonymous trading accounts. After banning cryptocurrency exchanges previous year, authorities a few weeks back noticed an uptick in activity on what Bloomberg called "alternative venues" which prompted the government to escalate its crackdown on cryptocurrency trading. Real names are to be used in the exchange accounts as well, and anonymity has to be removed altogether. Reuters reports that the officials did not announce what kind of penalties, if any, would be levied on those found to have engaged in illegal foreign currency exchanges via cryptocurrency.
These types of regulations should be expected and supported by the cryptocurrency community. Statements from the officials didn't sound reassuring to the investors, who started expecting an eventual ban on trading.
"It's no secret that cryptocurrencies are a very volatile market but with countries such as China and India making statement moves and even fining some investments on tax evasion, it is causing the entire industry to re-evaluate", said Elliott Parkhouse, Senior Financial Planner at Guardian Wealth Management, a financial advising firm based in the United Arab Emirates and working throughout the MENA region.
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Only licensed banks and brokers can offer foreign exchange services in South Korea.
Trade in bitcoin denominated in Korean won stood at around 4 percent on Tuesday, according to CryptoCompare.
However, many experts believe that the new regulations will actually bring benefits in the long run by helping Bitcoin and other cryptocurrencies to shed their link to money laundering and other criminal activities. Therefore, banks and exchanges will now have to be alert regarding the transactions. This activity must be reported so that the government can intervene and investigate the matter.
As a measure to prevent money laundering, customers will be barred from purchasing WMP-issued gift certificates with virtual currency, which can be sold and traded for cash in offline markets. Some users believe that the lack of anonymity with defeat the primary objective of using a cryptocurrency.
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The trade has around 6 percent of yen-bitcoin exchanging, positioning fourth by part of the overall industry on CryptoCompare . It is hard to ascertain the impact of the loss of Coincheck's trading volumes on the overall cryptocurrency ecosystem.
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