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<ul class="summary-list"><li>South Korean regulators are cracking down on unregistered foreign <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchanges.</li><li>Foreign virtual-asset providers must register with the regulator if they 'target' South Koreans. </li><li>South Korean regulators have been reining in crypto exchanges and trading.</li></ul><keyword id="5565" type="COUNTRY" weightage="60" keywordseo="South-Korea">South Korea</keyword> is cracking down on unregistered foreign crypto exchanges, just as the so-called 'bitcoin kimchi premium' has hit a four-month low. In a <a href="https://www.fsc.go.kr/eng/pr010101/76279">statement</a> issued on Thursday, the South Korean Financial Services Commission urged foreign virtual-asset service providers to register with them or risk being shut down by September for conducting illegal operations. The regulator said it had sent warnings to 27 such providers. "For foreign VASPs that continue to operate without registration beyond the September 24 deadline, the KoFIU will notify them of their illegal activities and take actions such as blocking access to their websites to inhibit their illegal business operations," the statement said. Additionally, criminal investigations and charges could be brought against providers that break the rules, the regulator said. Should crypto exchanges keep operating without registration after the September deadline, operators could face prison sentences or fines as high as 50 million South Korean Won (around $43,500). New regulations that aim to stop <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> being used to fund illicit activities came into effect in March of this year. They require crypto exchanges to register with the regulator and meet other requirements by introducing anti-money laundering strategies, tracking real names of customers, and establishing partnerships with local banks. In April of this year, the chair of the South Korean Financial Services Commission said <a href="https://markets.businessinsider.com/currencies/news/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4">all of the country's crypto exchanges risked being shut down</a> as none of them had registered with the regulator at the time. The South Korean regulator has now reminded foreign crypto exchanges that the new rules also apply to them."The Act requires VASPs to register with the KoFIU as the law equally applies to foreign VASPs that conduct activities outside Korea but have domestic consequences within Korea," the statement said.South Korea's crypto market has been increasing in popularity and size consistently, in part due to the so-called 'kimchi premium', which is the gap between dollar-traded bitcoin and tokens traded in Korean won. Some investors use this to increase their profits through arbitrage - they buy and sell the asset in different currencies or on different exchanges with the aim of making a profit from the price difference. According to data analytics site CryptoQuant, the premium is currently at just 2.14% - a four-month low. Earlier this year, the premium was as high as 21.55%. A bigger premium often translates to higher trading volumes, as it entices investors. Should exchanges - and therefore the South Korean crypto market - be shut down, the 'kimchi premium' may no longer exist.

South Korea is cracking down on unregistered crypto exchanges - just as the 'bitcoin kimchi premium' hits a 4-month low

<ul class="summary-list"><li>South Korean prosecutors are doubling down on efforts to arrest Terraform Labs cofounder Daniel Shin.</li><li>Do Kwon, who developed collapsed crypto TerraUSD with Shin, faces fraud charges in the US.</li></ul>South Korean prosecutors are doubling down on their efforts to arrest Terraform Labs cofounder Daniel Shin, after his fellow developer Do Kwan was charged with fraud by US authorities.After failing in their first attempt to get court approval to arrest Shin in December, the Seoul prosecutors are renewing their efforts to obtain a warrant on fraud and other charges, <a href="https://www.bnnbloomberg.ca/south-korea-officials-seek-arrest-of-do-kwon-s-former-terraform-labs-colleague-daniel-shin-1.1900724" target="_blank" rel="noopener">Bloomberg reported</a> Monday.Alongside Do Kwon, Shin helped develop the TerraUSD stablecoin and its free-floating sister token Luna. Last year, TerraUSD lost its dollar peg, which <a href="https://markets.businessinsider.com/news/currencies/terra-usd-ust-luna-do-kwon-poor-critics-crypto-crash-2022-5?utm_medium=ingest&amp;utm_source=markets" rel="">led to the collapse of the Terraform Labs ecosystem</a> and wiped out $60 billion in a <a href="https://markets.businessinsider.com/news/currencies/terra-founder-do-kwon-arrest-warrant-south-korea-crypto-crash-2022-9">broader crypto market selloff</a>.Authorities want to try Shin on charges related to the collapsed crypto project, including fraud and breach of duty. Their first arrest warrent request, which also covered seven others, was knocked back because the judge saw little flight risk, <a href="https://www.coindeskkorea.com/news/articleView.html?idxno=82397" target="_blank" rel="noopener">CoinDesk reported</a>.Shin's lawyers have previously argued that the cofounder hasn't been involved in Terraform Labs since he stepped away in 2020. Last week, <a href="https://markets.businessinsider.com/news/currencies/do-kwon-crypto-suspect-arrested-terrausd-luna-terraformlabs-sec-fugitive-2023-3?utm_medium=ingest&amp;utm_source=markets">Kwon was detained in Montenegro</a> after being on the run from an arrest warrant issued by South Korean authorities. Hours after his arrest, he was <a href="https://markets.businessinsider.com/news/currencies/terra-founder-do-kwon-charged-fraud-crypto-us-prosecutors-terraform-2023-3?_gl=1*1apyrmg*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY3OTkwMjgzMS4xODcuMS4xNjc5OTA1ODgxLjQ1LjAuMA..">charged by US prosecutors</a> and now faces an <a href="https://markets.businessinsider.com/news/currencies/terra-founder-do-kwon-charged-fraud-crypto-us-prosecutors-terraform-2023-3?_gl=1*1apyrmg*_ga*NTQwNTIzMjY5LjE2NzM5NjU3NzI.*_ga_E21CV80ZCZ*MTY3OTkwMjgzMS4xODcuMS4xNjc5OTA1ODgxLjQ1LjAuMA..">eight-count indictment</a>.South Korea's authorities are cracking down on fraud in the cryptocurrency industry as its government gears up to regulate the country's cryptocurrency industry and has been tightening its oversight of fraud in the digital currency space.

Terra cofounder Daniel Shin targeted for arrest again in South Korea's crypto crackdown

<ul class="summary-list"><li><keyword id="5565" type="COUNTRY" weightage="60" keywordseo="South-Korea">South Korea</keyword> will start taxing at 20% capital gains on crypto transactions next year, according to <a href="https://en.yna.co.kr/view/AEN20210528007651315?section=national/politics">Yonhap News Agency</a>. </li><li>The gains must be reported when people file general income taxes in May 2023. </li><li>The country will continue a program that monitors and cracks down on illegal activities in the crypto market until September.</li></ul>South Korea is moving forward with plans to impose a 20% income tax on capital gains from <keyword id="6357017" type="DEFINITION" weightage="60" keywordseo="cryptocurrency">cryptocurrency</keyword> transactions, according to a report on Friday. Gains from crypto transactions starting next year will be classified as "miscellaneous income" and must be reported when filing for general income taxes in May 2023, <a href="https://en.yna.co.kr/view/AEN20210528007651315?section=national/politics">Yonhap News Agency reported</a>. The government announced the plan following a discussion during a vice-ministerial interagency meeting. About 60 domestic cryptocurrency trading companies were active in South Korea in late May, Yonhap reported, citing figures from the Financial Service Commission, or FSC, the agency that will oversee and regulate the virtual asset market. Meanwhile, the government's special campaign to monitor and clamp down on illegal activities surrounding the crypto market will be extended until September.Friday's decision comes after FSC Chairman Eun Sung-soo said last month <a href="https://markets.businessinsider.com/currencies/news/bitcoin-kimchi-premium-south-korea-crypto-crackdown-exchanges-shut-regulation-2021-4-1030351638">said the country's crypto exchanges could be shut down</a> in September. At the time of comments, more than 200 crypto exchanges were running. Officials have said they're aiming to stop illicit activities being funded with digital assets and last year South Korea made changes to its anti-money laundering and financial reporting laws to include cryptocurrencies. The government has also said cryptocurrencies carry more risk and are more speculative than other asset classes.South Korea has had a booming crypto market in recent years, highlighted by the so-called "kimchi premium," or the difference between crypto asset prices on South Korean exchanges compared with foreign exchanges. The four largest crypto exchanges in South Korea are Upbit, Bithumb, Korbit and Coinone. Upbit's trade volume rose to $9.9 trillion shortly after midnight local time Saturday, according to CoinMarketCap.

South Korea will hit cryptocurrency transactions with a 20% tax starting next year

<ul class="summary-list"><li>Eun Sung-soo, chair of <keyword id="5565" type="COUNTRY" weightage="60" keywordseo="South-Korea">South Korea</keyword>'s Financial Services Commission, said all <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> exchanges could be shut down, according to a report in the Korea Times.</li><li>Under new <keyword id="163506" type="ORGANIZATION" weightage="60" keywordseo="regulation">regulation</keyword>, crypto exchanges must register with the commission but none have applied yet, he said.</li><li>The new rules are part of a wider push to regulate crypto trading more tightly in South Korea. </li></ul>Eun Sung-soo, the chair of South Korea's Financial Services Commission, said that all crypto exchanges in the country, over 200, could be shut down in September. He made the remarks at a meeting of the National Assembly's Political Affairs Committee last week, the Korea Times reported.South Korea amended its anti-money laundering and financial reporting laws to include <keyword id="2420795" type="PERSON" weightage="60" keywordseo="cryptocurrencies">cryptocurrencies</keyword> last year, in an effort to stop illicit activities being funded with digital assets. The government has also said cryptocurrencies are more speculative and riskier than other asset classes. Under the new regulations, crypto exchanges must register as virtual asset service providers and fulfil a variety of other criteria. These include implementing anti-money laundering strategies, having partnerships with local banks, becoming information security management certified and tracking real names of customers. Eun said despite the application window opening on March 25th when the new regulations came into force, no crypto exchanges have submitted theirs yet. Crypto exchanges need to be approved by September 24th. The new laws have put the South Korean crypto industry under pressure. At the moment, only the four biggest exchanges have partnerships with local banks and the other criteria, especially obtaining real names of customers, are difficult to fulfil. Additionally, they infringe on factors that make crypto investing appealing to traders in the first place, like anonymity. South Korea's crypto market is growing consistently and has surged in popularity over recent years. One of its main characteristics is the so-called "kimchi premium" - the gap between <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> traded in dollars and that traded in Korean won. It is around 6.3% right now, down from a record of 20.6% struck last week, according to data from Korean analytics site CryptoQuant. The larger the premium, the greater the buying activity on the Korean crypto market. This spread narrowed to around 2% last week, as domestic investors fretted about a potential regulatory crackdown. Some investors try to use the premium to make a profit through arbitrage. In the process, investors trade the price difference - they buy and sell an asset that may be quoted in different currencies, or on different exchanges, at the same time, hoping to pocket the price difference.Should the South Korean crypto market be effectively shut down by the new regulations, the kimchi premium could cease to exist.

Goodbye bitcoin 'kimchi premium'? Regulator says all 200 of South Korea's crypto exchanges could be shut down, report says

<keyword id="5565" type="LOCATION" weightage="20" keywordseo="South-Korea">South Korea</keyword> plans to impose a 20 percent income tax on capital gains from <keyword id="6994688" type="UNKNOWN" weightage="20" keywordseo="cryptocurrency-transactions">cryptocurrency transactions</keyword> starting next year as planned, the government announced on Friday, despite growing investor calls for delaying the <keyword id="11339452" type="UNKNOWN" weightage="20" keywordseo="taxation-plan">taxation plan</keyword>. The government announced the plan after discussing the matter during a vice-ministerial interagency meeting chaired by Koo Yoon-cheol, head of the government policy coordination under the Prime Minister's Office. Gains from cryptocurrency transactions will be classified as "miscellaneous income" and will be subject to a 20 percent tax starting next year. <keyword id="11339451" type="UNKNOWN" weightage="20" keywordseo="virtual-asset-gains">Virtual asset gains</keyword> must be reported when filing for general income taxes in May 2023, reports Yonhap news agency. The Financial Service Commission (<keyword id="166109" type="COMPANY" weightage="20" keywordseo="FSC">FSC</keyword>), the nation's financial regulator, was also designated as the top government office tasked with overseeing and regulating the virtual asset market. The science ministry was chosen to handle the promotion and growth of the related blockchain industry. Authorities also decided to extend the government's special campaign period for monitoring and clamping down on illegal activities in the virtual asset market until September. Last month, <keyword id="25455" type="COMPANY" weightage="20" keywordseo="finance">Finance</keyword> Minister Hong Nam-ki said the government will press ahead with taxation on transactions of cryptocurrency, which financial authorities categorise as "virtual assets," not virtual currencies. The government also reiterated its stance that "virtual assets cannot be recognised as (real) currency or financial products" and that "no one can ensure" the currently-traded market value of virtual assets. Authorities also plan to restrict cyrptocurrency-related business operators from making transactions using their own companies, in order to prevent price manipulation and unfair activities. According to FSC, the number of domestic cryptocurrency trading companies stood at around 60 as of May 20. Of those, 20 companies have received <keyword id="5902261" type="COMPANY" weightage="20" keywordseo="Information-security-management-system">Information Security Management System</keyword> certifications to prove their information protection systems are secure. Four firms were found to have adopted systems using real-name withdrawal accounts. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/twitter-is-at-odds-with-india-in-the-battle-to-control-online-speech/articleshow/83030224.cms">Twitter is at odds with the Indian government over new laws — reigniting the age old battle of national interest versus freedom of speech</a> <a href="https://www.businessinsider.in/stock-market/news/mukesh-ambanis-reliance-industries-share-price-sees-the-fourth-best-weekly-gains-in-2021/articleshow/83031946.cms">Despite the nearly 6% rally, this is only the fourth best week for Reliance Industries’ shares this year</a>

South Korea plans to levy 20% income tax on cryptocurrency transactions from next year

<ul class="summary-list"><li><keyword id="11121339" type="UNKNOWN" weightage="60" keywordseo="metaverse" source="Orion">Metaverse</keyword> <keyword id="12068971" type="UNKNOWN" weightage="60" keywordseo="etfs" source="Orion">ETFs</keyword> are booming in <keyword id="11944254" type="UNKNOWN" weightage="60" keywordseo="south-korea" source="Orion">South Korea</keyword> with <keyword id="11994572" type="UNKNOWN" weightage="60" keywordseo="retail-traders" source="Orion">retail traders</keyword> pouring into the funds. </li><li>Four South Korean metaverse ETFs have risen more than 24% since October.</li></ul>South Korea has become a booming marketplace for metaverse funds, according to a report from <a href="https://www.bloomberg.com/news/articles/2021-11-17/metaverse-stocks-buzzing-in-korea-with-multiple-etf-launches?srnd=markets-vp">Bloomberg</a>. So far this year, the country's market for metaverse ETFs has garnered $278 million of inflows, with much of that coming in just the last week alone, <keyword id="12259015" type="UNKNOWN" weightage="60" keywordseo="bloomberg" source="Orion">Bloomberg</keyword> wrote, noting that demand has been driven by retail investors. The Mirae Asset Tiger Fn Metaverse ETF and Samsung Kodex K-Metaverse Active ETF have both rallied more than 45% since going public in October, while the NH-Amundi HANARO K-Metaverse MZ ETF and KB KBSTAR iSelect Metaverse ETF have jumped 25% and 34%, respectively. The top stocks in the Mirae Asset Tiger's fund, the largest in the country by market value according to Bloomberg, include music company Hybe and film and content creator WYSIWYG Studios, as well as LG. South Korea's metaverse funds could pass $600 million in assets by the end of 2021 with retail investors contributing 90% of the flows, Bloomberg said, citing one of its analysts. The <a href="https://markets.businessinsider.com/news/etf/metaverse-etf-internet-stocks-matthew-ball-esports-vr-blockchain-2021-6">US also has a metaverse fund</a>. The Roundhill Ball Metaverse ETF is up 11% since launching in June. And on Wednesday, the fund announced it surpassed $500 million in assets under management. Some of its top holdings include chipmaker <a href="https://markets.businessinsider.com/stocks/nvda-stock">Nvidia</a>, gaming platform <a href="https://markets.businessinsider.com/stocks/rblx-stock">Roblox</a>, <a href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a>, <a href="https://markets.businessinsider.com/stocks/fb-stock">Meta Platforms</a>, and <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>. <a href="https://finance.yahoo.com/news/meta-etf-crosses-500-million-140000374.html">In a press release</a>, Roundhill noted the increase in metaverse interest over the last year, saying 160 US regulatory filings in 2021 mentioned the word "metaverse" compared to just seven the year before.The so-called metaverse, considered to be the next iteration of the internet or Web3, has become a mainstream term recently after the company previously known as <a href="https://www.businessinsider.com/facebook-plans-rebrand-change-new-name-focus-metaverse-2021-10">Facebook rebranded</a> as Meta Platforms.The term engenders thoughts of a virtual reality world, not unlike a video game, where people establish virtual lives with the help of non-fungible tokens and cryptocurrencies. It's like the internet, but instead of being on phones and laptops, <a href="https://markets.businessinsider.com/news/currencies/facebook-metaverse-nfts-crypto-meta-cryptocurrencies-2021-11">it'll be all around us</a>, according to metaverse "godmother" Cathy Hackl.

Metaverse ETFs are booming in South Korea amid retail trader demand

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<ul class="summary-list"><li>A South Korean publisher with a stake in "Baby Shark's" creator saw its stock surge after <keyword id="6355315" type="UNKNOWN" weightage="60" keywordseo="elon-musk">Elon Musk</keyword>'s tweet about the <keyword id="6354192" type="UNKNOWN" weightage="60" keywordseo="song">song</keyword>.</li><li>Shares in <keyword id="10591" type="CITY" weightage="60" keywordseo="Samsung">Samsung</keyword> Publishing rose 10% before closing about 6% higher.</li><li>The gains mark another example of Musk's mega-influence on market movements via Twitter.</li></ul>Shares in South Korea-based Samsung Publishing rose more than 10% on Wednesday after Elon Musk tweeted about the viral YouTube song "Baby Shark." The company is a major shareholder in the song's producer, an entertainment firm called SmartStudy. Its shares in <keyword id="5565" type="COUNTRY" weightage="60" keywordseo="South-Korea">South Korea</keyword> climbed more than 10% during Asian trading on Wednesday, before closing around 6% higher. It has no affiliation with the multinational conglomerate Samsung Group, even though they share the same name. The Seoul-based company's stock move was driven by Musk <a href="https://twitter.com/elonmusk/status/1399874980062633985">tweeting</a>: "Baby Shark crushes all! More views than humans," along with a video of the song. Its shares are up 97% so far this year, according to data from <a href="https://uk.tradingview.com/symbols/KRX-068290/">Trading View</a>.<div type="image" title="Screenshot 2021 06 02 at 09.34.55" height="458" width="1188" msid="83170317" hostid="261"></div>Samsung Publishing's stock price has quadrupled since the end 0f 2018 as the song grew in popularity. "Baby Shark" became the <a href="https://www.prnewswire.com/news-releases/baby-shark-swims-to-the-top-of-youtube-301164771.html">most-viewed YouTube video</a> ever in November 2020, outpacing the global smash hit "Despacito" by Luis Fonsi and Daddy Yankee. Even a <a href="https://coinmarketcap.com/currencies/baby-shark/">cryptocurrency</a> inspired by the song was minted in May.Wednesday's stock gains marks another example of Musk's mega-influence on market movements via Twitter. His tweets about <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin</a> have led to an uptick in conversations on cryptocurrencies, according to online social analysis platform Cyabra.Before Musk <a href="https://twitter.com/elonmusk/status/1377567762919292938">tweeted</a> in April that "SpaceX is going to put a literal dogecoin on the literal moon," there were only several hundred profiles engaged online with the meme-inspired cryptocurrency. But a day later, engagement soared over 16,000%, according to Cyabra's research.Separately on Wednesday, Musk tweeted a satirical image of the meme-famous Shiba Inu dog <a href="https://twitter.com/elonmusk/status/1399985389725753346">with the caption</a>: "Found this pic of me as a child." Almost immediately after, dogecoin soared 21% to 39 cents.Read More: <a href="https://www.businessinsider.com/bitcoin-investing-asset-managers-growth-investors-fiduciary-duty-nik-bhatia-2021-5" target="_blank" rel="noopener noreferrer">Financial researcher Nik Bhatia explains why asset managers with a growth focus could be violating their fiduciary duty if they don't consider bitcoin - and compares the crypto to Amazon's stock 20 years ago</a>

Elon Musk's 'Baby Shark' tweet sends shares in the iconic song's investor up 10%

<div class="KonaFilter image-container display-table"><div><div class="image on-image">MI</div></div></div><ul><li>News of a bitcoin crackdown in South Korea sent the market for digital coins into a tailspin Thursday morning.</li><li>Reuters reported a day earlier that North Korea had a bill in the works to shut crypto trading. </li><li>Bitcoin, the largest cryptocurrency, was trading down more than 11% at the time of print.</li></ul> The market for digital coins was under intense pressure Thursday morning amid reports that South Korea had a bill in the works to ban cryptocurrency trading."South Korea's justice minister said on Thursday the ministry is preparing a bill to ban cryptocurrency trading through its exchanges," Reuters reported.That news was on the heels of a report that authorities were raiding cryptocurrency exchanges in the country."A few officials from the National Tax Service raided our office this week," an representative of Coinone, a South Korean crypto exchange, <a href="https://www.reuters.com/article/us-southkorea-bitcoin/south-koreas-major-cryptocurreny-exchanges-raided-by-police-tax-authorities-idUSKBN1F002B">told Reuters</a>. According to the Reuters report, South Korean authorities also were looking into Bithumb, another cryptocurrency exchange.At the time of print, bitcoin was trading down more than 11% at $13,415 a coin, according to data from Markets Insider. In total, the entire cryptocurrency market was down more than $100 billion at $636 billion. It hit an all-time high of $830 billion earlier this month, according to data from CoinMarketCap.The news of the crackdown follows a Wall Street Journal report Monday <a href="https://www.wsj.com/articles/south-korea-steps-up-cryptocurrency-inspections-at-banks-1515407375" target="_blank" rel="noopener">that regulators in South Korea were preparing a wide-ranging inspection</a> on six commercial banks that manage "virtual" bitcoin accounts. Virtual accounts, according to The Journal, are where investors can store fiat money when they buy or sell crypto."There is growing concern that banks, which should actively act as gatekeepers to prevent the distribution of crime and illegal funds, are aiding and encouraging them," Choi Jong-ku, head of South Korea's Financial Services Commission, said.This is a developing story. <a href="http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1">Click here</a> to refresh this post for updates.Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the BI Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/bitcoin-surging-towards-a-serious-mining-problem-why-finance-2017-12">Bitcoin is surging towards a serious mining problem - and no one knows what will happen when it gets there</a></h3> <div> </div> </div>

Cryptocurrency markets are tanking after news of shutdown in South Korea

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://markets.businessinsider.com/currencies/BTC-USD">Markets Insider</a></div></div></div><ul><li>South Korea stunned cryptocurrency markets in January by considering a ban on exchanges.</li><li>An official has quelled those fears, saying the government will work to make crypto more transparent, according to Bloomberg.</li><li><a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin is up more than 8% Wednesday morning. You can track its price in real-time here.</a></li></ul> <a href="http://markets.businessinsider.com/currencies/BTC-USD">Bitcoin</a> is up more than 8% Wednesday morning, mirroring the broader cryptocurrency market, after the South Korean government appeared to backpedal on its reported plans to ban crypto mining and exchanges in the country.In a video posted to the presidential website Wednesday, South Korea's minister of Governmental Policy Coordination, Hong Nam-ki, said the government would look at making cryptocurrency trading more transparent, instead of banning it outright, as previously feared, <a href="https://www.bloomberg.com/news/articles/2018-02-14/crypto-trading-ban-downplayed-by-south-korea-after-backlash">Bloomberg reported</a>.In January, news reports of a potential ban fueled selloffs that <a href="http://markets.businessinsider.com/news/stocks/Ripple-s-XRP-and-other-major-cryptocurrencies-are-getting-smoked-after-a-report-says-South-Korea-is-cracking-down-on-exchanges-1012920325">wiped out hundreds of billions of dollars of value from cryptocurrency markets around the world</a>. Since then, more than 200,000 South Korean citizens signed an official government petition denouncing the proposed ban.Bitcoin today remains the largest digital currency by market cap, and is now trading at $9,160 at the time of writing. That's up more than 50% from its trough just below $6,000 on February 6. Bitcoin currently accounts for 35% of the total cryptocurrency market value, according to <a href="http://coinmarketcap.com">CoinMarketCap.com</a>.The total market value for cryptocurrencies is up 7% in the last 24 hours. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/microsoft-president-brad-smith-davos-interview-trump-us-cant-get-too-isolationist-2018-1">Microsoft President Brad Smith says the US shouldn't get 'too isolationist'</a></h3> <div> </div> </div>

Bitcoin rallies as South Korea quells fears of a cryptocurrency ban

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Shutterstock</div></div></div><ul><li>South Korea says it will ban anonymous cryptocurrency accounts used for financial transactions. </li><li>New regulations set to take effect next week will introduce a system to verify a person's identity before they can make a crypto transaction.</li><li>Cryptocurrency exchanges will also be required to share user data with local banks.</li><li>South Korea houses some of the world's largest cryptocurrency exchanges and they have gone largely unregulated until now.</li></ul> South Korea has made moves to ban anonymous cryptocurrency accounts from being used for financial transactions. Financial authorities have already banned banks from offering virtual accounts that are needed to buy or sell cryptocurrency. New regulations set for next week will further the ban already in place by introducing a system to verify a person's identity before they can make a transaction.Planned regulation also prevents foreigners and underage investors from opening cryptocurrency accounts in South Korea, <a href="http://english.yonhapnews.co.kr/search1/2603000000.html?cid=AEN20180123001751320">Yonhap reported</a>, citing financial officials. South Korea's senior financial regulator Kim Yong-beom told reporters that six South Korean banks will begin issuing new trading accounts next week after the system is implemented. Those banks include Shinhan Bank, NH Bank and the Industrial Bank of Korea. Existing crypto bank accounts not linked to verified users will be banned on the same day, Kim said.Officials also announced on Sunday that cryptocurrency traders would be required to share user data with the banks, according to <a href="http://english.yonhapnews.co.kr/business/2018/01/21/0503000000AEN20180121002700320.html">Yonhap</a>. Newly proposed regulations would require banks to check whether cryptocurrency exchanges comply with the new transparency measures.The government will also be able to access users' transaction data through compliant banks, according to officials, which may point to the government looking to enforce taxes on cryptocurrency transactions. Stricter trading regulations are part of a government system to curb speculative investment into virtual money, as many fear that the cryptocurrency bubble may soon burst. The government also hopes to prevent the use of cryptocurrency in illegal activity."Nobody, including the government, guarantees the value of cryptocurrencies," Kim told reporters. "Given its highly volatile nature, please be cautious when making investment decisions." South Korea houses some of the world's largest cryptocurrency exchanges, although exchanges have gone largely unregulated as they are not recognized as official financial institutions.Last week, authorities <a href="https://www.reuters.com/article/us-southkorea-bitcoin/south-korea-considers-shutting-down-domestic-cryptocurrency-exchanges-idUSKBN1F706T">raided the country's largest cryptocurrency exchanges</a> on suspicion of tax-dodging. As news broke of the government's plans to propose a ban on virtual currency exchanges, the global cryptocurrency market <a href="http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1">took a nosedive</a>.Many South Korean users took to <a href="http://www.businessinsider.com/cryptocurrency-market-plunges-after-reported-crypto-exchange-raid-2018-1">social media to express their anger</a>, and posted photos of doors, laptops and showers that had been broken in a cryptocurrency-filled rage.Get the latest Bitcoin price <a href="http://markets.businessinsider.com/currencies/BTC-USD">here.&gt;&gt;</a> <div id="categorypromo" style="border:1px solid silver; min-height:90px; padding:10px;vertical-align:top;"><a href="http://read.bi/bitcoin-101-free"></a>EXCLUSIVE FREE REPORT: The Bitcoin 101 Report by the Business Insider Intelligence Research Team. <a href="http://read.bi/bitcoin-101-free">Get the Report Now »</a></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/why-central-banks-using-blockchain-technology-could-be-beneficial-2018-1">Central banks are experimenting with blockchain technology - here's why</a></h3> <div> </div> </div>

You Searched For "cryptocurrency in south korea" and got 12 results

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Bitcoin rallies as South Korea quells fears of a cryptocurrency ban

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South Korea will ban anonymous cryptocurrency trading to help boost transparency

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