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South Korea imposing the new regulations on cryptocurrency trading

South Korea’s government said on Thursday that it will execute more measures to operate cryptocurrency trading.

The government declares that,

“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”.

But, the government has not given accurate examples. Instead, they said there were high prices on several cryptocurrencies on South Korean exchanges.

As a result, the measures will include a ban on opening unspecified cryptocurrency accounts. Thus, the new legislation to allow regulators to close crypto trading. However, it was declared by the Justice minister.

Related Coverage: South Korea simplifies on possible ban of all crypto transactions

Earlier, South Korea announced its plan by crypto trading to tax capital gains to confront the massive risk of speculation. Though, many institutions in Korea have convey their interest in the future of cryptocurrency. Noticeably, the influences on Bitcoin or any altcoins is enough to keep the crypto market within the country.

Moreover, the world prominent cryptocurrency, Bitcoin has grown more than 19-fold this year. At the press time, bitcoin was trading at $14,698.10. However, it was immensely more popular in South Korea as grabbing wide participation from students and housewives.

Read Next: South Korean government summons an emergency meeting

Further soon after the announcement of South Korean regulations on cryptocurrency trading. The Credric Jeanson, Founder and CEO of BitSpread says South Korea’s decision to speculate in cryptocurrency is “quite positive and its normal”.

BitSpread, which overseas around 1$ billion in cryptocurrency trading monthly. As it expects more bitcoin volatility next year. However, it makes bets based on price inequalities among exchanges that deal in cryptocurrencies.

Jeanson told CNBC’s, “I think regulators have done what they’re supposed to do”. Suggestively, that regulatory are to ensure that investors are dealing with an logical market.

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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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