Published On: Thu, Dec 28th, 2017

South Korea Tightens Grip, But Won’t Ban Bitcoin Trading

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It was only a matter of time until authorities pulled the reins in on one of the biggest crypto trading nations in the world. South Korea, which is responsible for as much as 25% of total crypto trading volume, said on Thursday it will impose additional measures to regulate speculation in crypto within the country.
South Korea Will Ban Anonymous Crypto Trading
As previously reported that more regulations are expected, South Korean regulators have confirmed additional measures to curb illegal activities at cryptocurrency exchanges. According to Reuters, the government noted that trading prices of most digital currencies were much higher on South Korean exchanges than they were on exchanges in other countries.

A government spokesperson made the following statement:
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.
The first steps will include a ban on opening anonymous crypto trading accounts. Most exchanges require photographic proof of identity anyway, so this regulation is nothing to be concerned about.
Secondly, however, is a more alarming plan to introduce new legislation which will allow regulators to close virtual coin exchanges if required. This measure had …

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