Seoul's stricter policy pushes cryptocurrencies down further

Posted 23 January, 2018

On Tuesday, January 23, cryptocurrencies have continued drifting downwards on Seoul's tightening of crypto trading policy.

On the Bitfinex, the price for bitcoin was detected at $10,449.00 today ($10,141.00 yesterday).

As for the Ripple, it was priced at $1.25 on the Poloinex (9% d-o-d).

The new series of the decline resulted from the statement of Korea's regulators. Specifically, they said that Seoul would outlaw anonymous accounts for crypto trading beginning from January 30.

The market has seen numerous events concerning tightening of crypto trading lately. In particular, last month Korean authorities barred local banks from opening new accounts citing that they might require traders to use only real-name accounts in crypto trading.

Seeing highly speculative crypto trading, South Korea, one of the major markets for digital coins (in particular bitcoin and Ethereum), is reportedly 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.

As it was reported yesterday, the weekend reports showed that Seoul planned 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, this year Seoul intends to set local income and corporate taxes on crypto exchanges at 24.2% this year, as local mass media reported.

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23 January, 2018 17:42

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