February 25, 2018

Main » South Korea has enforced new regulations on Bitcoin and other virtual currencies

South Korea has enforced new regulations on Bitcoin and other virtual currencies

01 February 2018

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In the United States, the Commodity Futures Trading Commission has sent subpoenas to a major Bitcoin exchange and Tether, a widely traded cryptocurrency, Bloomberg reported.

The tax rate that bitcoin users in the USA are liable for all depends on how long they have held their bitcoin and how they acquired bitcoin.

Seoul will focus on tightening regulations on cryptocurrency trading.

In one case, which also accounts for majority of the alleged amount, the KCS said unregistered currency exchanges remitted 472.3 billion Korean won ($443,962,000) for customers between South Korea and Australia from March to December previous year - transactions facilitated by cryptocurrencies.

US stocks traded sharply lower on Tuesday, falling for a second day as the first major sell-off of the New Year intensified. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks - they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. It was primarily impacted by traders concerns over Tether, Coincheck theft and the ban on the anonymous cryptocurrency accounts in South Korea.

Roberts expects ethereum will become the dominant cryptocurrency this year. There are fears over regulation, security, and whether or not bitcoin will ultimately be the cryptocurrency that everyone adopts.

Advocates of Bitcoin argue that part of its value proposition stems from the fact it has a finite supply of 21 million coins, which means those in circulation aren't just made up on a whim. It is also a commodity that has attracted a good deal of controversy, with many believing that it is in a bubble, and others suggesting that it displays great potential for growth. From over N1.8 billion traded on Bitcoin alone in the country in the week ended January 13, 2018, the volume dipped to N577.75 million last week. South Korea and Japan seem to be adopting crypto through the process of regulating it versus trying to ban it outright. It is possible that if there are further price fluctuations with Bitcoin and other cryptocurrencies.

This announcement largely affected the price of Bitcoin which fell with more than 2% to trade below $11,000.

However, this statement shouldn't imply that the company is negative about the cryptocurrency niche, with the same firm indicating that the cryptocurrency market will exceed $400 billion by the end of the decade.

South Korea has enforced new regulations on Bitcoin and other virtual currencies