The South Korean government is cracking down on bitcoin, with proposed legislation seeking to limit how conventional banks interact with bitcoin and other cryptocurrencies. The law would prohibit South Korean companies from providing settlement services for cryptocurrency transactions, a crucial part of credit and debit card transactions.
Another set of rules issued earlier this month restricted financial firms from investing in cryptocurrencies more broadly, although the rules also levied capital gains tax on any money conventional investors made from buying and selling the currency.
The proposed law would also prohibit companies from selling bitcoin anonymously, in accordance with the “Know Your Customer” rules implemented as an...
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