South Korea Introduces New Crypto Rules

South Korea Introduces New Crypto Rules

Regulators in South Korea plan to solve the problem with cryptocurrency speculation by the help of new rules that come into effect on Tuesday. South Korea`s Financial Services Commission confirmed that the new measures had been implemented, according to reports in the media.

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Regulators in South Korea plan to solve the problem with cryptocurrency speculation by the help of new rules that come into effect on Tuesday.

CNBC reported that South Korea`s Financial Services Commission confirmed that the new measures had been implemented. However, they told the media in an email that it was still too early to discuss any effects of those rules.

“Nothing has changed in terms of coin transaction.”, commented a representative of the South Korean cryptocurrency exchange Bithumb, who spoke to CNBC.
Earlier this month South Korea`s finance minister Kim Dong-yeon said in a radio program that the ministry may consider the shutdown of digital currency exchanges, according to an English-language information published by Yonhap News Agency. After this statement, major digital currencies like bitcoin, ethereum and ripple decreased in value.

These measures come after $530 million in cryptocurrency were reportedly stolen by hackers from the Japanese exchange Coincheck. It is maybe unsurprising that the South Korean government wants to crack down on illegal cryptocurrency practices.

Commenting on the news, co-founder and president of cryptocurrency start-up TenX, Julian Hosp, told CNBC`s “The Rundown”:
“I think it’s the start of a crackdown on anonymity and the illegal use cases that some cryptocurrencies might have.”

Hosp reportedly added that these rules could lead to more legal security that would give a big boost to the ecosystem in the long term.

South Korea`s move could potentially have huge impacts on the whole cryptocurrency landscape. Other countries like China, for example. have also hinted plans to crack down on cryptocurrency trade.

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