Is South Korea’s Decision to Limit Cryptocurrency Speculation a Positive?

South Korea’s decision to further regulate speculation in cryptocurrency trading is “quite positive,” according to BitSpread Founder and CEO Cedric Jeanson.”I think it’s normal,” said Jeanson, whose firm oversees more than $1 billion in trades per month. BitSpread makes bets based on price disparities between exchanges that deal in cryptocurrencies.Authorities in Seoul plan to ban anonymous cryptocurrency accounts and want to close virtual coin exchanges. The government has already warned that virtual coins cannot function as actual currency and could result in high losses due to excessive volatility. And Seoul has announced plans to tax capital gains from cryptocurrency trading.

Source: Cryptocurrency: BitSpread founder in favor of South Korea rules – CNBC

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This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.