South Korea bill could ban cryptocurrency trading

of which difference in cost can be called a “kimchi premium” by many traders.

In fact, earlier This particular week, industry data provider CoinMarketCap tweeted of which the idea could exclude some South Korean exchanges in cost calculations due to the “extreme divergence in prices by the rest of the earth” as well as also for “limited arbitrage opportunity.” The exchanges of which were removed by the cost calculation included Bithumb, Korbit as well as also Coinone.

Last month, the South Korean Financial Services Commission said the idea was prohibiting cryptocurrency exchanges by issuing fresh trading accounts. If an exchange does allow fresh accounts, the government has the ability to take action to either stop trading or shut the exchange down, the commission said in a statement.

The commission added of which, since much of the cryptocurrency trading was being done anonymously, users must use their real names.

The government also indicated the idea could closely monitor banks as well as also could “swiftly” step in to limit fund flows into cryptocurrencies if necessary.

Bitcoin exposed stocks in South Korea took a major hit after the announcement. Shares of Omnitel, which includes a bitcoin remittance business, crashed 30 percent, Vidente shares tumbled 29.96 percent, Digital Optics fell 13.7 percent as well as also KPM Tech was down 5.48 percent.

of which news by the justice minister comes after the country’s largest cryptocurrency exchanges were raided by police as well as also tax agencies This particular week for alleged tax evasion, people familiar with the investigation told Reuters.

—CNBC’s Chery Kang, Evelyn Cheng as well as also Reuters contributed to This particular report.

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