This hack had also affected the price of Bitcoin and other virtual currencies.
Nonetheless, other coins among the top 10 most traded could establish themselves as a significant alternative to Bitcoin.
The South Korean tech giant said its fourth-quarter earnings were driven by strong demand for its memory chips that are used in data centers and smartphones. Those rules enabled banks to comply with their KYC AML (know your customer, anti-money laundering) obligations, the document said. Reports show that Bithumb, the second largest virtual wallet located in South Korea, was raided by the tax authorities.
According to Lukman Otunuga, an analyst at FXTM, market jitters over South Korea banning cryptocurrency trading has effectively eroded investor appetite for Bitcoin. The price of Bitcoin dropped by 3 percent, and a similar decrease was seen in most rival coins.
South Korea's official stance on cryptocurrency trading is in stark contrast to that of China. Beijing prohibited financial institutions from trading Bitcoin in December 2013 and closed down all cryptocurrency exchanges in September 2017.
And then comes Ethereum is valued at $905.05 now from $1,159.
After the huge losses experienced over the past month or so, cryptocurrency investors now face new fears of a further price decrease brought on by new regulations implemented by the South Korean government on Tuesday. This will be hard to put into place.
However, this is unlikely to rain on the parade of Bitcoin, even though many observers believe that the altcoin is hugely overvalued. A ban would require a majority vote in the National Assembly.
The theft highlights the vulnerabilities in trading an asset that global policymakers are struggling to regulate and the broader risks for Japan as it aims to leverage the fintech industry to stimulate economic growth.
What do the regulations bring for Korean traders?
"Customs service have been closely looking at illegal foreign exchange trading using cryptocurrency", said a statement from the South Korean task force behind the discovery. These rules would make the cryptocurrency market much more stable, and would incline financial advisors and investors alike to look more kindly upon the now risky market, though it is unclear what impact the regulations would have on the value of different cryptocurrencies. Readers should do their own research before investing funds in any company.
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