South Korea bans anonymous accounts from cryptocurrency trade

Budget Expectations from Blockchain and Cryptocurrency Committee

At session lows, bitcoin was down more than 25 percent for the year so far, but remained more than a staggering 955 percent above January 2017 levels. If we look at the overall value of bitcoin, Bitcoin Cash, and Ripple - they are all down around 50 per cent from their ATHs at the end of past year.

Many believe these declines can be attributed to fears over regulation.

The analysts concluded that cryptocurrencies are too volatile to function as a store of value, and too inefficient to replace traditional currencies. As of mid-afternoon on Tuesday, all of the major cryptocurrencies are now positive for the day.

Bitcoin's initial losses Tuesday did come as more details emerged around South Korea's efforts to limit speculation in cryptocurrencies.

The South Korean news agency Yonhap quoted Kim as saying: "Nobody, including the government, guarantees the value of cryptocurrencies". These rules will be in effect from January 30.

A new report from the United States cybersecurity firm Recorded Future has surfaced which links Lazarus, a North Korean hacking group to various hacking attacks and security breaches on Coinlink, a South Korean cryptocurrency exchange.

South Korea is home to one of the world's largest Bitcoin exchanges and is the third-largest market for it, behind Japan and the U.S. Even if a detailed policy framework is not possible at this stage, an indication of the Government's mind will help in the robust growth of one of the fastest growing sectors of Fintech. However, it's fair to say that not all cryptocurrency traders particularly care if their names are attached to their accounts. It could also serve as a database to help impose transaction-related taxes on exchanges: The South Korean government said earlier this week that it is planning to collect up to 24% of corporate and income taxes from local crypto exchanges this year. In this case, it can create opportunities for criminal activity, like fraud and embezzlement, in the future, according to the authorities. Other crytocurrencies, such as Ether, have also fallen sharply in the past week. As reporting from Bloomberg's Gadfly blog explains, China is home to some of the largest bitcoin mining pools and mining operations in the world. Germany and France are set to make a joint bitcoin regulation pitch at the next G20 meeting in March.

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