Published On: Thu, Jan 4th, 2018

Official Complaints Say Korea Trading Restrictions Are ‘Unconstitutional’

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South Korea cryptocurrency exchanges have submitted a legal challenge to the government claiming its new restrictions are “unconstitutional.”
Law Firm: Govt. Is ‘Devaluing’ Virtual Currencies
As local news outlet Korea Times reports today and Wednesday, Seoul-based law firm Anguk Law Offices has filed a complaint on behalf of a group of investors and exchanges, and is “preparing follow-up appeals.”
South Korea enacted restrictions last month as Bitcoin and altcoins shot up in value.

Among them, lawmakers will now require traders to use their real name when converting cryptocurrency, while from as early as January 20, a raft of identity data will be visible from those who engage in the practice.
This, Anguk claims, is in breach of constitutional law, and a different approach to regulation should be sought in what was once the world’s biggest trading hub.
“The government’s regulation is devaluing virtual currencies by making trading very difficult,” it said in a statement. “Thus, this is an infringement on people’s property rights by the government’s unlawful measures.”
Taxation of gains made from Bitcoin and others is also becoming a major focus for …

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