Sentences with phrase «korean government»

Later, South Korean government clarified it was just about reinforcing market regulation in order to prevent money laundering and unauthorized mining, which spoils the cryptocurrency sector reputation.

According to recent data collected by the South Korean government, the accumulated commission income of the country's 30 cryptocurrency exchanges last year was 87.5 times that of the previous year.

Previously, the South Korean government and its financial regulators were hesitant toward regulating the local cryptocurrency market, because doing so would provide legitimacy to the market.

The holidays have not been particularly friendly to the Bitcoin family, with the South Korean government's new found concern over, what it describes as an overheated asset class, continuing to peg back a more traditional Bitcoin Cash dip and pop recovery.

Currently, the South Korean government is on a similar page with the US SEC, in that it is willing to allow ICOs that are registered with local financial authorities and are conducted transparently.

The South Korean government has called for financial regulators and central bankers of 23 other countries as well as 12 organizations, including the International Monetary Fund and the European Union, to collaborate on curbing cryptocurrency trading.

The South Korean government's top financial regulator has outlined a new set of measures aimed at curbing speculation and eliminating anonymity within the country's expansive cryptocurrency market.

With a crazy rush of investors registering on crypto exchanges and given concerns over issues connected with money laundering and tax evasion, the South Korean government banned the opening of any virtual accounts on the exchanges last month and even asked the existing virtual currency traders to change their virtual accounts to the ones with real names.

Today, Bitcoin suffered a slight decline in price due to the South Korean government's ban on domestic initial coin offerings (ICOs).

Another concern for the South Korean government is the increasing risk of cyber attacks from North Korea.

On one hand, the South Korean government views bitcoin, trading and blockchain closely linked but they also view them through separate silos.

The post South Korean Government Investigates Latest Bithumb Hack appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

The move follows the South Korean government's recent decision to require real name usage in all cryptocurrency transactions.

The Korean government has recently imposed severe regulations on its exchanges and has asked investors to link their bank accounts with their actual names on the trading accounts.

Yesterday, on December 14, the South Korean government directly refuted unconfirmed reports on the possibility of a cryptocurrency trading ban, solidifying its stance in regards to the South Korean cryptocurrency market and its intent to regulate the space.

Last month, the South Korean government said it intended to «curb speculation,» the first step in which appeared to be to shuttering exchanges.

Choe added the South Korean government believes that cryptocurrencies are used in speculation, not as payment tools.

Nevertheless, if the North Korean government is indeed responsible for the majority of these attacks and wild fluctuations in price, it may turn out to be an alarming sign that the current marked - up valuation of cryptocurrencies is almost purely driven by the regime.

The South Korean government is also worried that putting regulations on cryptocurrencies could have the effect of legitimizing them in the eyes of everyday people, who have recently been swept up in the cryptocurrency craze.

Then, as Bloomberg reports, the South Korean government went even further in calming nerves by saying that it is in favor of «normal» cryptocurrency trading and that its Financial Supervisory Service (FSS) is working to normalize digital asset trading.

The South Korean government and local financial authorities have warned investors about the emergence of fake cryptocurrency and Bitcoin exchanges.

The South Korean government has banned its own officials from holding and trading cryptocurrency, which is considered to be «the first time the government has formulated a virtual currency ban for all public officials,» Maeil Business reported on March 1.

The revelation that certain South Korean government officials cashed out of their cryptocurrencies before the news of regulations were made public ushered in a public outcry — and a petition of 200k signatures calling on the government to reassess their stance on virtual currency.

The Korean government later said it was considering a response to what it believes to be excessive speculation, but had not reached a decision.

The South Korean government will strengthen its safety measures related to smartphone batteries in order to avoid incidents similar to those involving some Samsung Galaxy Note 7 devices, sources told Yonhap news agency Tuesday.

New reports are suggesting that the North Korean government is using the digital currency Bitcoin in order to bypass regulations.

The confusion firstly in South Korea about a potential ban did its damage before it was eventually cleared up by the South Korean Government.

In other news, the Korean government again appears to be attempting to calm the markets after the justice minister aired a plan to to ban trading at cryptocurrency exchanges — a statement that send cryptocurrency prices sliding.

South Korea has decided not to ban cryptocurrencies after all, instead the Korean government has decided to caution consumers on purchasing or trading in cryptocurrencies while regulators attempt to better manage the emerging market.

Two of the four regulations drafted by the South Korean government during the emergency meeting were:

The drop in the price of Bitcoin in South Korea has been led by weeks of speculation and misinformation about the South Korean government's stance on cryptocurrency trade in the country.

The move comes amid an investment frenzy over the past few months, and the South Korean government hoped the new regulations would stem speculative trading that has recently taken off in that country.

The South Korean government recently enacted regulations that require all cryptocurrency accounts to be associated with real identities.

The market has been insane within the country, but it also has been quite worrying for the South Korean government.

Now the South Korean government is out for blood and has threatened to make all of its domestic exchanges illegal under new legislation that is now pending.

The South Korean government has been preparing a #cryptocurrency exchange closure bill since December 13, to shut down any exchange that is * not compliant * with regulations.

As such, many citizens have requested the South Korean government through the petition system of the Blue House to remove minister Park from office.

Updated on February 20: Added recent indications from South Korean government that it supports normal cryptocurrency trading.

Shortly thereafter, through the Blue House, the South Korean government publicly emphasized its stance on the cryptocurrency trading ban controversy, and concluded that there will be no ban on cryptocurrency investment in the short - term.

The South Korean government is considering a range of policy options in order to curb what it called an «overheating of virtual currency speculation,» including a possible capital gains tax on trades.

The government can't let this abnormal situation of speculation go on any longer,» the South Korean government said in a statement, as reported by The New York Times.

According to the official announcement of the Blue House and the South Korean government, Park's statement reflected his personal viewpoint on the matter, not the Ministry of Justice and the government.

The South Korean government and local...

The move is not completely unexpected as the Korean government has been struggling with regulating the burgeoning cryptocurrency space and has considered a total ban in the past.

On Dec. 13, the South Korean government and its cryptocurrency task force formed by the Ministry of Strategy and Finance, Financial Services Commission, Ministry of Justice, Fair Trade Commission and Financial Supervisory Commission held an emergency meeting to discuss the state of the South Korean cryptocurrency market and draft regulations for both businesses and investors.

This is worrying the South Korean government.

Bitcoin is up more than 8 % Wednesday morning, mirroring the broader cryptocurrency market, after the South Korean government appeared to backpedal on its reported plans to ban crypto mining and exchanges in the country.

The South Korean government is cracking down on bitcoin, with proposed legislation seeking to limit how conventional banks interact with bitcoin and other cryptocurrencies.

For instance, the South Korean government is requiring bitcoin traders to use their real names to protect their citizens from fraud, theft, and deception.

The South Korean government also announced that they would put a system in place to crackdown on crypto crimes during this year.