South Korea Doesn't Intend to Ban Crypto Trading, Says Finance Minister

01 February, 2018, 01:12 | Author: Natasha Holloway
  • South Korea has enforced new regulations on Bitcoin and other virtual currencies

New regulation of bitcoin and other cryptocurrencies has come into force in South Korea, one of the biggest markets for trading.

In response to a question from a lawmaker on the government's plans for regulation of the industry, Kim Dong-yeon said, "there is no intention to ban or suppress cryptocurrency [market]", as reported by Reuters today.

Earklier this month South Korean justice minister Park Sang-ki said the government was working on a bill that would effectively halt cryptocurrency trading in "domestic exchanges".

About 3 million people in South Korea are estimated to have invested in cryptocurrencies, and the nation's six banks have started verifying cryptocurrency investors' identities.

South Korea has attempted to tighten controls on cryptocurrencies and on Wednesday uncovered an illegal cryptocurrency foreign exchange trading worth almost $600million.

Killer whale learns how to mimic human speech
The team tested a 14-year-old female orca called Wilkie with multiple sounds in different scenarios, including using loudspeakers. Killer whales, or orcas, are the largest of the dolphins and one of the world's most powerful predators.

Seoul previously said that it is considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered bitcoin prices.

Illegal foreign currency trading of 472.3 billion won formed the bulk of the cryptocurrency crimes, Customs said, but gave no details on what action authorities were taking against the rule breaches. The partner agent then cashed them out and distributed the settlement to clients based in that country, according to the statement. Those who transfer more than $50,000 annually must also submit similar explanatory documents.

On January 23rd, South Korea's Financial Services Commission confirmed in a statement that all Bitcoin investors and traders would need to do future business dealings though real-name bank accounts in order to "reduce room for cryptocurrency transactions to be exploited for illegal activities, such as crimes, money laundering and tax evasion".

The other big scare has been hacking and money laundering.

Recommended:

  • Clippers agree on deal to trade Blake Griffin to Pistons

    Clippers agree on deal to trade Blake Griffin to Pistons

    It's a minor miracle - and a credit to coach Doc Rivers and the Lawrence Frank-led front office - that L.A.is in the playoff race. LA has been my home since I started in the league and I will be forever grateful to the city for embracing me and supporting me.
    Chiefs trade Alex Smith to Redskins

    Chiefs trade Alex Smith to Redskins

    He has passed for more than 4,000 yards each year with at least 25 touchdown passes and no more than 13 interceptions. Washington had balked at signing Cousins to the type of long-term deal to which it reportedly agreed has with Smith.
    Did Lady Gaga just confirm her engagement?

    Did Lady Gaga just confirm her engagement?

    She accessorized with bold-statement earrings, and wore a white rose and Time's Up pin , showing her support for the movement. Janelle Monáe We loved her two toned pixie and she showed just us to rock that metallic liner trend.
  • Trump Zeroes in on Iran's Threats

    Trump Zeroes in on Iran's Threats

    At its conclusion, this wonderful young man was arrested and charged with crimes against the state. Trump's comments relating to foreign policy and national security.
    SpaceX Targets Feb. 6 Maiden Falcon Heavy Launch

    SpaceX Targets Feb. 6 Maiden Falcon Heavy Launch

    News of the Falcon Heavy's hoped-for launch date comes days after the rocket's successful test on Wednesday, at Cape Canaveral. According to Musk himself, the launch is scheduled for February 6, when it will blast off from 39A at Cape Kennedy in Florida.
    Aung San Suu Kyi calls on President Ram Nath Kovind

    Aung San Suu Kyi calls on President Ram Nath Kovind

    Richardson's statement and personal attack on Suu Kyi and himself are groundless, Surakiart said. It had made recommendations for more press freedom, he said.
  • Orange alert: Thieves in Spain try to grab 4000kg of the fruit

    Orange alert: Thieves in Spain try to grab 4000kg of the fruit

    Authorities continued questioning the people and a lot of them couldn't explain where the four tons of oranges had come from. Theft of oranges is not uncommon in Spain, where farmers have even reportedly hired vigilantes to protect their orchards.
    Toronto Landscaper Charged With Multiple Counts of First Degree Murder

    Toronto Landscaper Charged With Multiple Counts of First Degree Murder

    The Toronto police had launched an investigation in November 2012 looking into the disappearances of three men from Gay Village. Prior to his arrest two weeks ago, McArthur was self-employed as a landscaper under the company name "Artistic Design".
    Philippe Coutinho starts Barcelona career on bench vs. Espanyol

    Philippe Coutinho starts Barcelona career on bench vs. Espanyol

    Just moments later, he was in the left-back position, again showing great composure with a shimmy to get his side out of trouble. MF Philippe Coutinho , 7 - Barca's record signing was given a huge welcoming when he replaced Iniesta and showed bright sparks.
  • Ozil signs new Arsenal contract until 2021

    Ozil signs new Arsenal contract until 2021

    The 29-year-old has been stellar this year in attacking midfield despite missing some time this season due to knee issues. The now-former BVB attacker arrives at the Emirates on a club record fee having signed a long-term deal at the Emirates.
    Here's why we might not see an iPhone SE 2 this year

    Here's why we might not see an iPhone SE 2 this year

    The OLED models, on the other hand, will feature a 6.0 to 6.1-inch screen and another with a 6.4 to 6.5-inch display. Industry researchers say iPhone X is selling well, but they don't have access to Apple's actual sales numbers.
    Microsoft issues emergency Windows patch to undo Intel's bad Spectre fix

    Microsoft issues emergency Windows patch to undo Intel's bad Spectre fix

    Intel says that nearly all older computers running high-demanding tasks such as Photoshop will experience a noticeable slowdown. Eleven days later, on January 22, Intel told customers to hold off on deploying those firmware updates.


Popular

The Nintendo Switch Has Outsold the Wii U
The strong sales of the console have led to Nintendo's biggest money-making quarter since 2009, with profits of over $1 billion. It is an absolutely remarkable goal achieved by Nintendo Switch , reached within just nine months of presence on the market.

US Justice Department rejects new trial for senator
In a separate criminal case, Melgen was convicted of Medicare fraud past year . "I am thankful that God has answered my prayers". After last fall's trial ended, one juror told reporters the jury was split 10-2 on all counts in favor of acquittal.

Berks Bon-Ton spared in retailer's round of store closings
Bon-Ton said it has partnered with third-party liquidator Hilco Merchant Resources, to help manage the closing stores' sales. The store closings include the Bon-Ton store in the Salmon Mall in Watertown, according to The Bon-Ton.

Manchester City Make Bid For Mahrez But Leicester Not Interested
Should they act on their interest, they would likely meet strong resistance from Leicester. City have also been linked with Shakhtar Donetsk midfielder Fred.

RNC Finance Chair Resigns After Sexual Misconduct Allegations
Meanwhile, in the aftermath of the explosive allegations, Democrats have tried to make hay over the issue . The RNC has not named a replacement but RNC Chairwoman Ronna McDaniel said she accepted his resignation.

Jose Mourinho targets Manchester United 'stability' after signing new deal
With both teams fighting for a top four finish , this should be a fiercely contested battle at the national stadium. Mata won the Chelsea "Player of the Year" award two years running from 2012 to 2013. 'We all wish him luck.

Kim Kardashian claps back at Lindsay Lohan after comments on Instagram
Apart from her controversial braids and her sultry photos , Kim also made headlines for clapping back at Lindsay Lohan . And her decision to credit her most recent hairstyle to Bo Derek drew fresh ire.

Trump Signs Order to Keep Guantanamo Open
Mr Trump's order says this review process would continue to be used to determine whether detainees should be held. Obama transferred 197 detainees out, leaving 41, including five cleared for release.

Pistons, Clippers in 'serious' talks over Blake Griffin
The Pistons acquired Bradley in a July trade with the with hopes of ultimately signing him to a long-term deal this summer. The Clippers signed him to a five-year, $173 million deal in late June and meant to rebuild around the 28-year-old.

DOJ warns Devin Nunes not to release controversial FISA memo
Ryan sits passively by as Russian bots help hype the release of a memo based on Nunes' unfounded speculation. If he objects, the full House would meet behind closed doors for a vote to decide the matter.