In a statement published yesterday, South Korea government officials announced a set of policies intended to curb the speculative wave around crypto currencies that stormed the markets during the last few weeks, Reuters reports.
Among these measures are some limitations on the daily trading volume that an exchange can carry without approval from Korea Information Security Agency, measures against multi-level marketing companies around cryptos, crackdowns on illegal use of industrial space for mining, prohibition of exchange accounts for minors and a potential ban against ICOs. All these are at the proposal stage and they will be discussed with the private sector.
It's interesting to note that these amendments came with a support statement for blockchain and cryptos in general, which are not seen as a danger. Seems like the target is the overheating of the markets, not the markets themselves.
Volume in Korean exchanges seems to be lower today but it's hard to say if this is a direct consequence of this news.
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In India, Reserve Bank of India has already issued notices to citizens telling them not to invest in cryptocurrencies (bitcoin in particular) and Income Tax department have raided many Indian Exchanges' Offices.
I think this is kind of a response given while being scared of the way cryptocurrencies are making people rich and people not giving enough respect to the fiat currencies.
This will change once the majority of people will turn towards cryptocurrencies like Steem, SBD, Bitcoin, IOTA, Ripple and other.
thr r no other ways to but buy cryptocurrncies in india other than exchangin with btc
Korea Information Security Agency, or KISA...
how interesting...
will it really work , they should have learned from the chinese by now , you cant stop or regulate cryptos, they are unstoppable
Nice
Korean government's reaction time is too fast :P
Excellent updat bitcoin,thanks for sharing
They will regulate it or they have done it
Cryptocurrencies can be regulated but can't be stopped to trade Around The World.although the government may take control over the exchanges and made some rules to follow to be followed by them and I think that will be good enough if anything like hacking a theft occurs at least people will not have to suffer in this way.