South Korea tries to stop panic, Denies intent to Ban Crypto

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While the USA appears to have embraced cryptocurrency trading with the introduction of futures by the CME (Chicago Mercantile Exchange) and the CBOE (Chicago Board of Options Exchange), which are regulated by the CFTC and SEC, South Korea's Justice minister Park Sang-ki said the government was preparing a bill to completely halt trading of bitcoin or other digital currency on domestic exchanges.

The selloff was prompted by reports that the U.S. Commodity Futures Trading Commission (CFTC) sent subpoenas to the bitcoin exchanges Bitfinex and Tether, and on the heels of continued reports that global regulators will be cracking down on bitcoin trading or banning it entirely, as proposed in South Korea.

The investigation is part of a broader effort across South Korean authorities to examine cryptocurrency-related activities.

South Korea is the world's third-largest cryptocurrency market behind Japan and the United States, and many investors fear that the new regulations will lead to a drastic reduction in the number of Koreans buying and selling Bitcoin and other digital currencies.

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IPolice and tax authorities in Asia have stepped up raids on cryptocurrency exchanges recently following allegations of tax evasion. Money laundering can occur is there is no specific individual or company associated with a specific bitcoin. Beijing prohibited financial institutions from trading Bitcoin in December 2013 and closed down all cryptocurrency exchanges in September 2017.

Right after the news hit the market, the price of Bitcoin fell below $11,000 and Ethereum fell to $1,174. One benefit of the price reduction will be a more mature industry and an increase in due diligence. There is a difference between banning and regulating, which is more likely. Having wallets vetted by authorities, will create transparency, and will provide for a better business model.

"Regulation, done properly, legitimises the cryptocurrency market and protects investors from fraudulent exchanges". However, the government does plan to tighten regulation and crack down on illegal practices within the area.

ParkApp Founder and CEO, Eugene Liebermann, says, "In addition to signals that South Korea and China may ban trading on crypto-currencies, we have heard comments from Russian leader, Putin, that the country will seek to regulate the market more tightly". Readers should do their own research before investing funds in any company.

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