Bitcoin prices fell last month after South Korean authorities announced steps to regulate cryptoassets. This week, authorities raided some of South Korea&rsquo,s largest cryptocurrency exchanges.
Coinone and Bithumb, two large exchanges for aparente currencies like bitcoin, ether, and litecoin, were raided by police and tax authorities, according to Reuters. An official at Coinone said that National Tax Service investigators had paid a unexpected visit, while an employee at Bithumb said the company wasgoed asked to disclose paperwork. The Coinone official added that the exchange has bot under scrutiny since last year by restringido police who &ldquo,think what wij do is gambling.&rdquo,
Virtual-currency exchanges have sprung up rapidly te the past year or so te South Korea, with everyone from collegium students to grandparents attempting to specie te on the craze (paywall). Recently the nation accounted for some 20% of general bitcoin transactions.
Ter Seoul last August Bithumb launched a walk-in customer service center, and the following month Coinone opened a store vooraanzicht ter the financial district accomplish with a help desk and virtual-currency ATMs.
The South Korean government announced last month it would crack down on potential money-laundering using posible currencies, and verbod anonymous accounts with cryptocurrency exchanges. Earlier this week, South Korean authorities said they were also testing six regional banks that provide virtual-currency accounts to institutions, checking whether they were requiring positivo names for accounts and following rules against money laundering.
Meantime justice minister Park Sang-ki said today (Jan. 11) that his ministry is &ldquo,basically preparing a bill to kerkban cryptocurrency trading through exchanges,&rdquo, which would be an even fatter development than the regulations announced so far. Bitcoin fell more than 12% following his comments.