Today the regulatory measures for the exchange of cryptocurrencies announced by South Korea a few days ago come into force and the main cryptocurrencies lose value again .
According to an official statement issued by the Financial Security Commission (FSC) on January 23 , all banking entities in the region must commit to new measures that seek to ensure a reduction in speculation in the cryptoactive market. These measures have not been created for a normalization of cryptocurrencies, so they will not be legally recognized yet.
These guidelines, which have been set by the South Korean Commission, are especially designed for those banks that provide their services to currency exchanges in the country. All the agents involved in operations carried out with cryptocurrencies must be duly identified and linked to real name bank accounts in order to avoid money laundering and the risk of scams carried out by means of cryptocurrencies. This measure has entered into force today, January 30.
Among the provisions taken also includes the prohibition of people under 18 years of age to participate in the market of cryptoactives. Likewise, only personal accounts will be authorized to carry out transactions, with anonymous bank accounts being excluded.
With respect to those entities that move significant amounts of cryptocurrencies in a week or a day (between 20 million and 10 million Won respectively) will be investigated on suspicion of suspicious financial activities. This may also include companies that use cryptocurrencies to trade.
The growing regulation in South Korea has caused international tension to grow, especially since most of the regulations that have been enacted directly affect the exchange houses in the region . This has had a significantly negative impact on the market for cryptocurrencies such as bitcoin . At the time of writing this article, the mother cryptocurrency has fallen by 10.41% in the last 24 hours and its price is quoted at $ 10,150 according to CoinMarketCap .
The rest of the main cryptoactives also show a decline in their value. The ether loses 9.10% of its market capitalization and is appreciated at $ 1,078. Ripple drops 11.53%. Most of the cryptocurrencies listed by CoinMarketCap show a red index. Among the only exceptions can be named Decred, with an increase in its appreciation of 1.47%, Gas, Ignis, Revain, Wax and the Sirin Labs token that show ascending figures in their price of the last 24 hours.
This is in addition to the rumor that circulated in the network about alleged statements issued by the country’s justice minister, who at the beginning of January apparently proposed that the trade in cryptoactives be prohibited. Later, it was also indicated that taxes would be applied to the profits generated by the exchange houses .
To contribute to the uncertainty, one day after the announcement of January 23, the authorities of the Communications Commission of South Korea (KCC) fined 8 of the most important money exchange offices operating in the country with around 130 thousand Dollars. The allegation presented was that important security flaws were detected in their platforms.