for future events and services. Our Standards: The Thomson Reuters Trust Principles. Cautious Approach, currently, the South Korean government is intentionally imposing strict regulations for the cryptocurrency market because of the rapidly increasing number of speculators in the space. Yoo expressed his concerns over the strict regulations the South Korean government plans to implement, given that harsh regulations can restrict the exponential growth rate of the South Korean cryptocurrency market. The government noted that it does not intend to restrict the growth of the cryptocurrency market and the development of innovative blockchain-based technologies. In South Korea, bitcoin has been extremely popular, drawing wide participation from housewives and students. According to Reuters, some visits were based on looking into the tax situation of exchanges which has led to suggestions that unregistered exchanges may be banned.
Ripple, in particular, has nearly 50 percent of its trades processed by South Korean cryptocurrency exchanges like Bithumb and Korbit. Governments, you know, are risk-averse. Those advertisers use tracking technologies to collect information about your activity on our sites and applications and across the Internet and your other apps and devices.
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But, Yoo explained that the government should avoid restricting the development of new technologies and development of the local market. Reuters reported comments from Korean Justice Minister Park Sang-ki who said claimed his ministry is basically preparing a bill to ban cryptocurrency trading through exchanges following enough discussion with a range of government agencies, including the finance ministry. It noted that trading prices of most virtual currencies were much higher on South Korean exchanges than they were on exchanges in other countries, although it did not provide specific examples. TechCrunch understands that the government has been in contact with prominent exchanges to gather information, while as reported by Reuters it has visited some exchanges. July 12th, 2018, members of South Koreas political parties will present their draft bills and debate on it during an extraordinary session of the National Assembly, from July 13., South Korea Further Advances Crypto Regulation. As Reuters itself points out, any draft legislation would require the approval of parliament which could take months, if not years. June 29th, 2018, south Koreas Financial Services Commission has revealed its new anti-money-laundering and know-your-customer rules for for crypto exchanges., South Korea Will Halt Anonymous Cryptocurrency Trading on January. We dont need to do that, but they worry about fraud or such. Support our journalists today. So tl;dr were no closer to knowing exactly what steps Korea will take to regulate bitcoin exchanges. January 23rd, 2018, under the new regulation, traders will no longer be able to use anonymous bank accounts to sell and acquire virtual currencies via South Korean exchanges., Bitcoin Drops Below 11,000 After South Korea Announced Details on Crypto Taxes. But economically, I think its not a good decision.