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 Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam
Craig Erlam

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