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In a press release on the 31st of January the Korea Custom Service (KCS) stated they had uncovered around 600 million dollars worth of illegal currency exchanges.
“In the future, the KCS will investigate illegal foreign exchange transactions and money laundering charges against foreign exchange operators or virtual currency buying agents […] it will continue systematic and continuous crackdowns such as [on] […] the act of portraying tariffs or using virtual currencies as trading funds for smuggled tobacco, drugs and other illegal goods.”
The cryptocurrency market in South Korea have seen many issues arise this past month after regulations on cryptocurrency exchange became stricter. These include prohibiting the opening and anonymous use of crypto trading accounts which took effect on January 30, 2018.
A false report of a country wide ban on cryptocurrency surfaced but was promptly proved false after the finance minister of South Korea assured the public that there would be no ban on cryptocurrency in that country.
As it stands, the price of bitcoin is experiencing it’s yearly dip, new such as this shakes the market because the majority of investors are still green and spook easily.
The future of crypto is still unknown but has a foot in the door, the road ahead will be exciting and present many problems which various currencies will need to overcome.