South Korea Outlines New Attempts to Dampen Crypto Markets

December 28, 2017 | By | Reply | 518 Readers More


South Korea Outlines New Attempts to Dampen Crypto Markets

The government of South Korea held a meeting on Thursday to discuss measures to deal with the growing trend of cryptocurrency speculation. The regulators clarified the clampdown on virtual accounts as well as other measures to end anonymity. In addition, the Ministry of Justice suggested an even more extreme measure.

Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Clampdown on Virtual Accounts

Much of the discussions on Thursday centered on the subject of virtual accounts that are issued by banks for cryptocurrency exchanges. The government announced, according to Yonhap:

It [the government] is banning the use of anonymous virtual accounts in cryptocurrency transactions as part of efforts to curb virtual currency speculation.

South Korea Outlines New Attempts to Dampen Crypto MarketsThis follows the regulators’ previous announcement on the virtual account clampdown that is part of the…

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