LOCAL

South Korea to impose new regulation on crypto-currency trading

Nathasha De Alwis

South Korea’s government said today, December 28, that it will impose additional measures to regulate speculation in crypto-currency trading within the country.

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.

Furthermore the statement said that the steps will include a ban on opening anonymous crypto-currency accounts and new legislation to allow regulators to close virtual coin exchanges if needed, a measure recommended by the justice ministry.

South Korea had previously announced its plan to tax capital gains from crypto-currency trading to tackle what it sees as the risk of excessive speculation.

Bitcoin, the world’s biggest and best-known crypto-currency, has gained more than 19-fold this year. In South Korea, bitcoin has been extremely popular, drawing wide participation from housewives and students.

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