South Korea will restrictively allow cryptocurrency trading on only qualified exchanges and review a possible capital gains tax on crypto trading as a way to restrain the nation’s frenzied speculation. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around bitcoin speculations world. What are you searching for? Office for Government Policy Coordination.
November from 305 billion won in January, according to the exchange with about 1. Korea’s crypto craze has calmed down somewhat this week amid the government’s efforts to boost supervision. Bitcoin is trading at about a 3 percent premium over prevailing international rates on Wednesday in Seoul after the premium surged to about 30 percent last week. Exchanges that want to operate business would need to meet certain conditions including depositing customer funds separately, verifying customer name and disclosing bid-ask price and trading volumes, according to the statement. Separately, Woori Bank and Korea Development Bank will shut down virtual accounts offered to cryptocurrency exchanges before year-end, according to the banks. Before it’s here, it’s on the Bloomberg Terminal.
Have a confidential news tip? Get in touch with our reporters. Type and press Enter to search. Beginners Guide: What is Bitcoin?
Everyone from everyday Joes to reputable experts are betting on Bitcoin’s success. It’s been a wild 8 years since Bitcoin’s release. Most notably, we’ve seen headlines of people who fortuitously purchased bitcoins early on turn into kid-millionaires. With the immense potential of new cryptocurrencies, our attention often turns to Bitcoin as a quintessential example of what’s to come. We’ve designed this guide to teach you about Bitcoin so that you’re up to speed and ready to join the crypto-world. But the Bitcoin platform is far from anarchy.