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South Korea to Impose Additional Restrictions on Cryptocurrency Trading

It looks like the South Korean government has a few more crypto trading rules up its sleeve.

Cryptocoinsnews, citing leaked regulation drafts seen by local media outlets, says that South Korea will be implementing four new rules to curb speculation in cryptocurrency trading by the end of the year:

Translated at CCN, the four leaked regulations expected to be implemented by the end of this year are:

  1. Prevent unaccredited investors from dealing with losses through highly volatile cryptocurrencies.

  2. Prevent strictly regulated cryptocurrency exchanges from operating as speculative platforms for unaccredited investors.

  3. Request banks and exchanges to ensure underaged investors and foreigners cannot open trading accounts on cryptocurrency exchanges.

  4. Temporarily suspend institutional investors and retail investors from investing in cryptocurrencies.

As most have noted, the regulations do seem to be a bit excessive. However, government spokesmen have hinted that this will only be temporary, and given that North Korea may have had a hand at the recent hacking of Seoul-based bitcoin exchange Youbit, its probably for the best.

Photo: iStock

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