Sigh of Relief As Second Biggest South Korean Bank Backs Cryptocurrency Exchanges

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Suspicious activity has to be reported to the authorities.

On the other hand, tax authorities also sent some notices to cryptocurrency traders, these notices were more towards recognizing the source of funds for investments and ensuring point of taxation of the capital gains. That article also suggested in its title that Jaitley said all cryptocurrency trading was illegal - but the text makes no such claim or backup of said claim.

The government believes that this move would lead to more stability in the markets, allowing the exchange market for bitcoin to somewhat mature, lower excessive speculation, as well as helping to lower the premiums. "The malware employed shared code with Destover malware, which was used against Sony Pictures Entertainment in 2014 and the first WannaCry victim in February 2017".

Those who wish to trade must use the accounts from the same bank that their selected exchange uses to put in and withdraw money. The new report from Recorded Future also associates this hacking attack with North Korean hackers.

A man passes by a screen showing the prices of bitcoin at a virtual currency exchange office in Seoul, South Korea, on Tuesday.

Six major South Korean banks including Shinhan Bank, the second largest bank in the country, will officially begin providing local cryptocurrency exchanges with virtual bank accounts.

The plan will effectively bar minors and foreigners from cryptocurrency trading in South Korea.

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Traders will only be able to make deposits in their cryptocurrency exchange wallets if their name matches that on their bank account, the Financial Services Commission said today. The country has one of the world's biggest private bitcoin exchanges, with more than 2 million people holding bitcoin.

Kakao now owns an estimated 23 percent stake in Doonamu, which operates Korea's biggest cryptocurrency exchange Upbit.

Bitcoin slumped almost 20 percent last week to a four-week low on the Luxembourg-based Bitstamp exchange, pressured by worries over a possible ban on trading the virtual asset in South Korean exchanges.

Cryptocurrency enthusiasts say that a main benefit of the technology is immunity to bans and other forms of state-imposed regulation.

According to CoinMarketCap, Bitcoin price has dropped under $12,000, below its December lows.

The new regulations against cryptocurrencies were first introduced at the end of a year ago by Hong Nam-ki, minister of the Office for Government Policy Coordination.

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