South Korea Plans Measures To Curb Virtual Currency Speculation

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The move comes amid the investment frenzy we've seen in the past few months, and the South Korean government hopes the new regulations will stem speculative trading which has recently taken off in South Korea.

After Japan, South Korea is the most dominant Asian country in cryptocurrency trading and accounts for more than a fifth of average global trading volumes.

The new rules will target anonymous trading of virtual currencies and crack down on money laundering activities, Seoul said.

According to a report on Reuters, South Korean authorities are likely to introduce curbs on the trading of cryptocurrencies like bitcoin within the country - specifically anonymous trading. The price of Bitcoin and other cryptocurrencies have been consistently higher in Korean exchange than in foreign markets. It said officials from the Justice Ministry could propose legislation that would shut down cryptocurrency exchanges nationwide, but didn't elaborate on when this might happen. Before this correction, Bitcoin had managed to recover from a major correction last Friday when the cryptocurrency corrected to more than 40% going below $12000.

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South Korea Plans Measures To Curb Virtual Currency Speculation

"Cryptocurrency speculation has been irrationally overheated in Korea", the South Korean government said in a statement reported by Bloomberg. The government may also direct law enforcement officials to close some exchanges. Many of them believe that there is a huge bubble in the market and this can burst at any point in time.

Despite eralier warnings, Hong said that speculation has shown little signs of abating, with values of many cryptocurrencies excessively higher at home than overseas, and some raising concern that money is flowing into cryptocurrency markets from productive sectors.

He added Bitcoin's recent drop was largely expected, saying investors may see more and more volatility next year, given the lack of liquidity in the market.

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