South Korea Cryptocurrency Crackdown: Crypto Traders Could Face Fines

Mergers, Regulation | January 15, 2018 By:

The South Korean financial authorities are planning to impose penalties against local cryptocurrency traders who refuse to convert their virtual accounts into real-name ones.

Cryptocurrency investors are currently able to trade anonymously by using virtual accounts. The government, however, will implement new measures to crack down on cryptocurrency trading on or around January 20.

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South Korea Cryptocurrency Crackdown: Crypto Exchange Ban Not Finalized

Investing, News, Regulation | January 12, 2018 By:

South Korea’s presidential office said that the proposed ban on cryptocurrency trading is not “finalized.”

The statement came after Park Sang-ki, South Korea’s justice minister, revealed plans to ban all cryptocurrency trading through exchanges. He expressed “grave concerns” over the heightened adoption and craze among the general public for cryptocurrencies.

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South Korea Cryptocurrency Crackdown: All Crypto Trading May Be Banned

News, Regulation | January 11, 2018 By:

The South Korean government is reportedly preparing a bill to ban all cryptocurrency trading in the country.

The move was revealed by Park Sang-ki, South Korea’s justice minister, at a press conference. He claimed that there are great concerns regarding cryptocurrencies and the justice ministry is preparing a bill to ban cryptocurrency trading through exchanges.

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South Korea Cryptocurrency Crackdown: The Government Cooperates With China And Japan On Regulation

News, Regulation | January 10, 2018 By:

South Korea’s financial regulator is in talks with counterparts in China and Japan to cooperate on new rules for cryptocurrency trading.

Korean Financial Services Commission (FSC) chairman Choi Jong-ku revealed that vice finance ministers from the three countries had exchanged ideas on regulating cryptocurrencies during a meeting in South Korea last month.

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Crypto Trading Ban In South Korea Is Unconstitutional – Korean Law Firm

News, Regulation | January 4, 2018 By:

South Korean law firm Anguk Law Offices has filed a constitutional appeal over government’s upcoming cryptocurrency trading regulations. The law firm filed the appeal last week through the Constitutional Court’s online appeal system.

On December 28, the South Korean government announced that it will prohibit local cryptocurrency exchanges from allowing users to make transactions through anonymous accounts.

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Cryptocurrency Exchange Rules Tightened In South Korea

Investing, News, Regulation | December 29, 2017 By:

The South Korean government said that it will impose tougher measures to crack down on cryptocurrency trading in the country.

Hong Nam-ki, the minister of the Office for Government Policy Coordination, made the announcement after discussion with vice ministers from other governmental bodies regarding the recent rise in cryptocurrency interest and ownership domestically.

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Bitcoin Rewards Services Dropped By South Korean Banks

Announcements, News, Regulation | December 28, 2017 By:

Two major South Korean banks, Shinhan and KB Kookmin, are reportedly discontinuing their “credit card points for bitcoin swap” services. The banks decided to drop the services in anticipation of forthcoming government action on cryptocurrency trading, according to the Korea Times.

The South Korean government has been holding meetings daily to discuss cryptocurrency regulation.

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