gpolit.com
gpolit.com 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.



Other News

Trending Now

Body of Dolores O'Riordan arrives in Limerick
The funeral mass is set to take place in Ballybricken, Co Limerick on Tuesday morning before a private family burial. Officials said they are awaiting the results of "various tests", and the hearing was adjourned until April 3rd.

Donald Trump rages against South Korean washing machines
The move on solar panels is seen as largely aimed at China and South Korea is the target for that of washing machines. In 2016, 40 percent of the renewable energy generated in Arizona was solar, according to the U.S.

Wounded India get down to business again ahead of third Test
In tough conditions like this where there isn't much between the two teams, you can not afford to give away wickets like that. In the tour of 2013-14, they had scheduled one two-day game in Benoni after the ODI series, which was washed out due to rain.

Zainab murder suspect was 'a neighbour'
The incident blew the lid on the horrifying reality of how children in a brutalized society are vulnerable to sexual abuse. Zainab Ansari was found dead in a rubbish dump on January 9 in Kasur , several days after her disappearance.

Zion Williamson spurns in-state schools, commits to Duke
It is likely that Williamson will be hearing his name called in the top-5 of the 2019 NBA Draft in a little over a year from now. Williamson's stepfather, Lee Anderson, also played at Clemson , which is less than 100 miles from their home in Spartanburg.

You Can Now Buy Audiobooks from Google Play
If you use Google Play Books and have been waiting for Google to offer support for audiobooks directly, the wait is finally over. And can also get a free few minutes preview of the audiobook before purchasing.

National Basketball Association seeks cut of bets in plan to legalize gambling
Spillane's testimony in front of the New York's State Senate Committee on Racing, Gaming and Wagering in Albany comes as the U.S. If sports betting is allowed, the National Basketball Association says it and other sports leagues should get a cut.

Two school shooting victims identified
They were assisted by the Marshall County Sheriff's Department and the McCracken County Sheriff's Department. He said she was involved in ROTC and Monday would have been her first drill with Civil Air Patrol.

NBA All-Star 2018 reserves and rosters
Since Curry's Warriors are the National Basketball Association champions, we'll give James the first pick. Kyle Lowry is joining Toronto Raptors teammate DeMar DeRozan at the NBA All-Star Game.

Snapchat now allows sharing on other social media
Meanwhile, Snapchat has reported lower-than-expected 178 million daily active users in the third quarter ended September 30, 2017. Instagram is testing a new feature that notifies users when screenshot or screen recording of your stories taken by some one.