Cryptocurrency Regulations Come Into Force in South Korea

Today new rules concerning cryptocurrency have come into force in the South Korea
31 January 2018   307

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.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   73

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.