Cryptocurrencies generally unmoved, Korea's uncertainties persist

Posted 22 January, 2018

The price for cryptocurrencies, including bitcoin, has not changed on Monday considering a vague policy for crypto trading regulation in South Korea.

On January 22, bitcoin changed hands on the Bitfinex at some $11,713.00, while the second major coin, Ethereum – $1,072.30.

Ripple price on the Poloinex was at $1.37.

According to the weekend reports, Seoul plans to bind crypto exchanges to provide clients transaction data. For that purpose, it is planned to launch a corresponding system at banks. As a result, with this step, the government will be able to charge taxes on digital coins.

Moreover, Seoul intends also to set local income and corporate taxes on crypto exchanges at 24.2% this year, as local mass media reported.

With the highly speculative crypto market, South Korea is considering different ways to control virtual currency trading. The measures under discussion include complete closure either of all exchanges for cryptocurrencies or just illegal ones.

For reference, Korean market is one of the major destinations for cryptocurrencies, in particular, bitcoin and Ethereum.

As it was reported earlier, Korea's law enforcement forces raided some large exchanges for digital coins upon tax evasion charges in early January.

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