May 20, 2018

Crypto Extends Selloff As Governments Ponder New Regulations

26 January 2018, 02:10 | Rudolph Thomas

North Korean hackers stole funds from South Korean cryptocurrency exchanges

Budget Expectations from Blockchain and Cryptocurrency Committee

BlockTribune and others are reporting that India has sent tax notices to cryptocurrency investors following a nationwide survey. However, they are still not hacking proof as cited in various incidents, most recent amongst them is the attack on crypto mining service Nicehash where hackers stole over $60 million in users' funds.

According to a report from South Korean news agency Yonhap, the Bithumb exchange also said it will also enforce the new change as per the government's requirement.

Over the past week or so, Chinese, South Korean, and European Union governments have made moves to impose new cryptocurrency regulations or enhance old ones.

The country's financial regulator has said the government has considered shutting down cryptocurrency exchanges, but South Korea's presidential office said an outright ban on trading is only one option being considered to tackle crime. Other crytocurrencies, such as Ether, have also fallen sharply in the past week. Most of the moves of late have been downwards, with some days seeing falls of over 20%.

In a nutshell, in order to deposit money into a cryptocurrency exchange account, South Koreans must attach their real names to the accounts.

Fast forward to the 19th of January and Reuters reported that the Indian government sent tax notices to "tens of thousands of people dealing in cryptocurrency". As of mid-afternoon on Tuesday, all of the major cryptocurrencies are now positive for the day. At the end of 2017, European Union regulators expanded anti-money laundering (AML) rules to include crypto exchanges and digital wallet providers, compelling them to follow the same AML compliance rules as banks.

Bitcoin traded near $10,487 as of 11:56 a.m. on Coinbase, the leading US marketplace for buying and selling major digital currencies.

Changes to cryptocurrency rules in South Korea, the world's third-largest market for digital coins after Japan and the U.S., have an outsize effect on the global trade.

The bitcoin (BTC) price is down 10.5% to US$11,605 per coin, reducing the world?s largest cryptocurrency?s market capitalisation to US$195 billion according to Coin Market Cap.

We knew this was coming, with government officials in South Korea confirming earlier this month that they were planning a crypto crackdown due to concerns that exchanges are being used for money laundering and tax evasion. Whether the regulations set by South Korea are good or bad, just the fact that one of Asia's biggest markets is now controlled will likely cause a commotion before January 30.

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