The South Korean Minister of Justice said a draft law banning the cryptocurrencies trade in the country is being prepared. This news is the main reason why cryptocurrencies fall over the past few hours, as South Korea is one of the largest markets for large crypto-lows such as Bitcoin and Ethereum. Bitcoin is currently trading -6.24% down, Ethereum with -11.50%, and Ripple -7.82%.
Last month, the South Korean Financial Supervision Commission said it banned the exchange of cryptocurrencies , from and to new trading accounts. If, however, this happens, the regulator threatens to have the right to terminate the activity of the relevant exchange, declaring it illegal.
The government has also announced it will monitor banks closely and will act swiftly if it has to curb inflows to the Cork markets. Authorities said they inspected several large local banks that offer transfers to the major Cork markets in the country to curb crime.
Source: Bloomberg Pro Terminal
Jr Trader Petar Milanov
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.