The South Korean government, according to information from the South Korean news agency Yonhap, wants to introduce further measures to regulate speculation in crypto currency trading within the country. For example, investors in South Korea should no longer be allowed to trade cryptocurrencies with an anonymous account.

In addition, according to the report, new laws are enacted that allow the government to close stock exchanges in certain circumstances.

In the past, the South Korean government had warned the country's residents against the high volatility of cryptocurrencies and possible total asset losses. In addition, the government had only recently announced taxing the crypto currency trading with a capital gains tax.

Nonetheless, the crypto currency trade in South Korea continued to boom. With Japan, the US and China, South Korea is one of the countries with the highest volume of cryptocurrencies. According to estimates by Yonhap, about 1 million people in South Korea have cryptocurrencies.

Due to the measures or laws now announced, accounts on crypto currency exchanges should only be permitted with genuine and identical identities for deposits and disbursements. According to the report, the South Korean tax authorities also want to monitor stock exchange trading and thus control compliance with the new rules.

According to Yonhap, the aim of the new regulations is to prevent money laundering and to be able to better prosecute crimes in connection with cryptocurrencies.

Cryptocurrency market tends sideways

The news from South Korea seems to tend to unsettle the global crypto market at present. In recent days, the prices of all currencies fluctuate slightly and sometimes slightly upwards. Neither bull nor bear seems to be able to prevail at the moment. Only the ripple price shows a strong bullish trend and was able to grow steadily over the past few days.

In the past, South Korean investors have had some significant influence on pumps and price rallies. Since we believe that a cryptocurrency spell in South Korea is unlikely, it seems only a matter of time until the uncertainty disappears and the next price rally follows the last price correction.

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