Daily Management Review

South Korea to limit trade in crypto-currencies


12/13/2017


The government of South Korea intends to limit the trade in crypto-currencies, Bloomberg reports citing the department for the coordination of state policy of the country. A temporary working group will be assembled to develop a new state policy - it will also consider the option of introducing a profit tax on market transactions with crypto-currencies and come to a "balanced" policy that does not violate the development of block-building technology, the Office notifies.



Philippe Teuwen via flickr
Philippe Teuwen via flickr
Operations with crypto-currencies will be allowed only on certain exchanges - with a guarantee of investor protection and transparency of transactions, explains Bloomberg referring to the statement. Exchanges interested in trading crypto currencies should follow the conditions: deposit customers' funds into separate accounts, verify the names of users, disclose the value and volume of trades. For other financial institutions, minors and non-residents of the country, trade in crypto-currencies will be banned. Thus, the leadership of South Korea plans to deal with multiple speculations in the national market of crypto-currencies, explains Bloomberg.

The monthly trading volume at the largest South Korean crypto exchange Bithumb rose to 56 trillion won ($ 51 billion) in November 2017 from 306 billion won in January, according to Bloomberg data on transactions of about 1.5 million users. The share of the Korean won in global operations with Bitcoin - the most popular version of the crypto currency - is close to 20%, follows from the Nikkei data. This is the second result in Asia after 42% of the Japanese yen in October this year, wrote earlier Nikkei Asia Review.

This week, the boom in the trade in crypto-currencies in South Korea was somewhat reduced due to the strengthening of government supervision, notes Bloomberg. The prize for one Bitikon on Wednesday, December 13, at the auction in Seoul at international rates was only 3% against the 30% premium recorded last week. Korean banks Woori Bank and Korea Development Bank, reports Bloomberg, referring to reports of banks, will close virtual accounts for trading with crypto-currencies before the end of this year.

source: bloomberg.com






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