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$600 Million in Cryptocurrency Crimes Uncovered In South Korea

01 February 2018

Prices of Bitcoin, Ethereum and other major cryptocurrencies already suffered a slight drop earlier in the month after investors were seemingly spooked by the announcement that South Korea's Financial Services Commission would be implementing new measures created to limit the ability of cryptocurrencies to be used for illegal activities and money laundering.

The real-name trading system is also part of the government's latest measures to curb speculative investment into virtual coins amid growing fears that a cryptocurrency bubble may be set to burst.

As South Korea bans anonymous crypto-trading and India puts accounts of cryptocurrency investors on hold, the value of cryptocurrency plummets. Note that South Korea is one of the biggest crypto markets in the world and is popular for selling cryptos at a premium, compared to prices around the world.

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These types of regulations should be expected and supported by the cryptocurrency community.

The statement comes just days after South Korea's financial authorities launched a task force backed by the Korea Financial Intelligence Unit (KFIU) to make cryptocurrency exchanges to fall in line with the country's existing regulations.

Following this announcement South Korean cryptocurrency prices plunged by around 21 per cent. Currently, bitcoin trade denominated in the Korean Won was approximately four percent, Japanese Yen 40 percent, and United States Dollar 30 percent.

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South Korea has been at the forefront of pushing for broad regulatory oversight of cryptocurrency trading as many locals, including students and housewives, jumped into a frenzied market despite warnings from policy makers around the world of a bubble. This major FUD attack took place right before the New Year when the market correction in alts began to occur. This never occurred, and the current regulatory stance should exclusively provide safety for those acting to invest in a legal manner. There is a difference between banning and regulating, which is more likely. However, the government does plan to tighten regulation and crack down on illegal practices within the area.

The "Korean Ethereum", ICON ("ICX"), is due to host their first blockchain event in the capital of South Korea in the tallest building in the country on January 31.

The King personally believes this is exponentially more than a publicity stunt. Their mainnet was successfully released a week ago allowing Dev teams the appropriate amount of time to fine tune any issues.

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$600 Million in Cryptocurrency Crimes Uncovered In South Korea