$600 Million in Cryptocurrency Crimes Uncovered In South Korea

Bitcoin price Ripple ethereum

Cryptocurrencies extend losses as exchange said to get subpoena

Nonetheless, other coins among the top 10 most traded could establish themselves as a significant alternative to Bitcoin.

In comments Wednesday quoted by Reuters, finance minister Kim Dong-yeon, who earlier in January said that a shutdown was still a possibility, finally ended apprehension surrounding the future of cryptocurrency trading in the country.

"I think it's the start of a crackdown on anonymity and the illegal use cases that some cryptocurrencies might have..." The official said that Coinone was cooperating with the investigation.

The prices of cryptocurrencies dropped suddenly and rapidly after the regulations were announced.

Japan's financial regulator on Monday ordered Coincheck to get its act together after hackers stole $530 million worth of digital money from its exchange, jolting the nation's cryptocurrency market in one of the biggest cyber heists.

He pointed to the "irrational" level in the flow of investments in virtual currencies in South Korea, which he said prompted a relevant response from the authorities.

South Korea has set the record straight with regard to its conflicting views on cryptocurrency trading.

Seoul previously reported that it was contemplating shutting down the local cryptocurrency exchanges that had thrown the market into agitation and as a result the bitcoin prices were hammered as well.

It might be more informative to think of US$600 million as a very rough estimate of South Korea's global cryptocurrency transfer volume to date.

In South Korea, only licensed banks and brokers can offer foreign exchange services. Following the news, Ethereum was hammered dropping down to 1,110, but rebounded to settle in down 9% on the session at 1,212.

"There is no intention to ban or suppress cryptocurrency (market)", Kim said, adding the government's immediate task is to regulate exchanges. This will be hard to put into place. The news comes as strongly increased regulation in the country led to fears that a China-style ban was in the works. A ban would require a majority vote in the National Assembly.

Until 2013, Asic chips were more commonly associated with the TV industry. Having wallets vetted by authorities, will create transparency, and will provide for a better business model.

What do the regulations bring for Korean traders?

South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous bank accounts in transactions to prevent virtual coins from being used for money laundering and other illegal activities. Many are now spooked by the constant regulatory tries of big banks, governments and the like to curb the what seems the ever-growing market. Readers should do their own research before investing funds in any company.

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