Cryptocurrency Regulations Come Into Force in South Korea

Today new rules concerning cryptocurrency have come into force in the South Korea
31 January 2018   616

The purpose of the legislation is to combat money laundering. The rules were published in the document on January 23. The document says that only those who use bank accounts with a real name will be permitted to trade cryptocurrency.

The new regulations came into force on January 30. According to the document new measures will prevent cryptocurrency transactions from being used for illegal activities, such as crimes, money laundering and tax evasion.

The South Korean Financial Services Commission stated today that the measures had actually entered into force. However, the press secretary said that it was still too early to talk about the consequences of those measures.

However, people from the cryptocurrency sphere are optimistic about the legislation in South Korea.

TenX co-founder, Julian Hosp thinks that the new legislation gives legitimacy to digital currencies by suppressing anonymity and illegal use cases. Meanwhile, others involved in the cryptocurrency sphere have welcomed South Korean regulation as a very necessary step in the field of digital currencies.

Despite positive community feedback, the market reacted negatively when the document was published and came into force. Earlier, the price of Bitcoin fell from its GMT open of almost $11,300 to just over $10,200. Not surprisingly, this situation caused a short-term decline in optimism regarding cryptocurrency.

US Authorities to Sell $4.3M Worth Seized BTC

As reported, the Bitcoins were seized during different federal investigations
18 October 2018   114

The US Federal Penitentiary and Marshals Service has announced an auction, during which 660 Bitcoins will be sold, previously confiscated by law enforcement agencies. The current market value of the coins put up for sale is about $ 4.3 million, CoinDesk reports.

Bitcoins offered for sale were seized during federal criminal, civil and administrative investigations.

The auction will be held on November 5, and to participate in it, you must register no later than October 31 and make a deposit of $ 200,000.

The trades will be divided into two parts and include the sale of six blocks of 100 BTC and one more block of 60 BTC. Auction participants will not be able to view other people's rates or change their own.

The Office clarified that part of the assets put up for auction includes Bitcoins, which were seized during the recent investigations into the cases of the traders Teresa Tetley and Thomas Mario Costanzo. Teresa Tetley was sentenced in July to a year in prison on charges of trading in cryptocurrency without the necessary license and laundering money obtained from drug trafficking.

The Marshals do not report which part of the bitcoins seized from Tetley and Costanzo is put up for auction, however, it was previously known that 40 BTC were withdrawn from the first, and 80 BTC from the second.

Two previous major auctions for the sale of confiscated bitcoins were held in the United States in January and March of this year. In the first case, 3813 BTC was sold, in the second - 2170 BTC.