Three news from the Asian part of the crypto currency area (China, South Korea, Malaysia)
The China’s central bank officials plan to block residents from accessing foreign cryptocurrency trading exchanges. Unsurprisingly, yesterday the cryptocurrency market cap careened downward by more than $150 billion, although it has since experienced a slight recovery to $574 billion. Even at this level, though, the cryptocurrency market cap is down 18 percent for the day.
Today was announced South Korea’s national defense ministry had begun blocking access to online cryptocurrency trading platforms in military bases. Since Monday, the Ministry of National Defense has been busy putting up firewalls to block soldiers’ access to cryptocurrency exchanges at internet cafes at various military bases.
It’s worth mentioning that the internal rules of the South Korea’s Ministry of National Defense categorize cryptocurrency exchanges alongside online gambling and pornographic website which are also blocked under Korean military regulations. Further, the defense ministry is also working toward developing and introducing regulatory curbs against crypto trading, beyond blocking access to trading platforms.
London-based cryptocurrency exchange, Luno, has had its Malaysian account frozen pending an investigation by the country’s tax authority, the Inland Revenue Board (IRB).
Even though Malaysian authorities have said that they will not ban cryptocurrencies, exchanges operating in the country will have to adhere to certain criteria, which may or may not be related to Luno’s current predicament.
France’s finance minister says he wants new regulation targeted at virtual currencies, to stop them from being used for tax evasion, financing terrorism and other crime.
Do not sell on these news! HODL, dear comrades!!!