Friday, Sep 29 – crypto-market has experienced a decrease to a degree but on a stable trading ground as the South Korea could-be banning Initial Coin Offerings news started to branch and more regulation news hit traders.
As the country’s Financial Supervisory Commission commented on the published local news outlet FN News in September 3 – it was signaled that Issuing digital tokens will be declared illegal end of year.
“It is almost a gamble,” the publication quotes an official as saying.
“If there is an unlawful act, a third party has to intervene, but it is difficult to intervene until the transaction volume or price soars.”
South Korea had issued strong warnings regarding ICOs around the time China announced its own full ban on the practice.
As such, some commentators are now saying the negative outlook was effectively priced into the market.
For now (as time of the press) Bitcoin price has decreased around 2.84 percent in the last 24-hours (on Friday Sep 29), which is following after hitting the almost monthly highest and retesting supports around $4,000.
However in December, more stringent identification of virtual currency holders who convert funds to fiat will come into being, with the onus on businesses to make sure they can identify the user behind the conversions.
‘Unusual and to-be-controlled’ cashflows will be monitored by Banks:
“We will start the transaction by confirming the identity of the bank and monitoring the flow of funds,” the official continued.
“It will facilitate tracking of funds … and provide a basis for preventing money laundering such as suspicious transaction reports.”