The South Korean government, according to information from the South Korean news agency Yonhap, wants to introduce further measures to regulate speculation in crypto currency trading within the country. For example, investors in South Korea should no longer be allowed to trade cryptocurrencies with an anonymous account.
In addition, according to the report, new laws are enacted that allow the government to close stock exchanges in certain circumstances.
In the past, the South Korean government had warned the country's residents against the high volatility of cryptocurrencies and possible total asset losses. In addition, the government had only recently announced taxing the crypto currency trading with a capital gains tax.
Nonetheless, the crypto currency trade in South Korea continued to boom. With Japan, the US and China, South Korea is one of the countries with the highest volume of cryptocurrencies. According to estimates by Yonhap, about 1 million people in South Korea have cryptocurrencies.
Due to the measures or laws now announced, accounts on crypto currency exchanges should only be permitted with genuine and identical identities for deposits and disbursements. According to the report, the South Korean tax authorities also want to monitor stock exchange trading and thus control compliance with the new rules.
According to Yonhap, the aim of the new regulations is to prevent money laundering and to be able to better prosecute crimes in connection with cryptocurrencies.
Cryptocurrency market tends sideways
The news from South Korea seems to tend to unsettle the global crypto market at present. In recent days, the prices of all currencies fluctuate slightly and sometimes slightly upwards. Neither bull nor bear seems to be able to prevail at the moment. Only the ripple price shows a strong bullish trend and was able to grow steadily over the past few days.
In the past, South Korean investors have had some significant influence on pumps and price rallies. Since we believe that a cryptocurrency spell in South Korea is unlikely, it seems only a matter of time until the uncertainty disappears and the next price rally follows the last price correction.
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South Korea and afterwards - USA, France, Bulgaria, Uruguay etc.
Gradually all countries will impose regulations. It is not realistic to let decentralized money to manage the world economy.
The Korean press have repeated this story about every 2 weeks 3 times now...they are trying to stomp on the market or at least slow it down.
Looks like such regulations aren't stopping ripple to shoot to the moon !
And it has only happened because of South Korea, where ripple trades at a premium.
I bought ripple at .24 and sold it all at 1.24...thought it was over pumped, felt like a genius...when will I learn to keep some of my stake...sigh
You will regret when you will see ripple become $50 :)
I so wish that would happen.
But it's very highly unlikely.
You can do the simple math. If Ripple were to be $50 a ripple, it's total market cap would be $1,936,957,242,350 (considering it's current supply) which is currently about 4 times the total market cap of all cryptos !! That may happen, but the cryptocurrency space has to grow by leaps and bounds for that to happen.
And taking another case, if ripple's market cap were to reach an equivalent that of bitcoin, it's price would be ~$8.
But anything can happen. And I do wish ripple touches $50.
All the best and HODL!
I feel what you did was correct. Everyone has a different perspective. What works for you doesn't mean works for the other.
Believe in your decisions !
And also, HODL your cryptos !
Good post friend @tradewonk
Success always for you
I upvote and resteem
Thanks buddy!
You are welcome @tradewonk
Friend please once visit my blog
Important news...friend
really very good idea
thnx for share this news with us
Yes... In Bangladesh also the govt. say that crypto market is illegal... But we all know that cryptocurrency is the future coin.. I don't know why they do this.. Do you know about this matter....
All goverments are against crypto, but it's here to stay :-)
I heard that by buying cryptocurrency like bitcoin many rich people are escaping from tax.. what you say about this??
Regulations are always better than bans. At least they are recognizing something as legit before they want to embrace it. Slowly but surely.
Agree
Very informative article about crypto trading.
I like to read your post.
interesting post
interesting npost regarding aboiut the cryptocurrency in the south korera
Nice information..
With such a policy, the government risks losing many citizens, I would move to the place of South Koreans in Belarus, where the president abolished the tax on crypto currency until 2023. Good luck to you.