South Korea arrests 16 cryptocurrency traders

In spite of the fact that the name gives the impression that it is something negative, we need to keep in mind that the mission of the entire cryptocurrency community is to persuade the rest of the world to acknowledge cryptocurrencies as legitimate assets and alternatives to traditional forms of currency. In South Korea, 16 people were detained for engaging in illicit trading on foreign exchanges, and the total volume of assets that were unlawfully exchanged was estimated to be 2.7 trillion won, which is very close to $2 billion.

It is important to be aware that cryptocurrencies continue to be subject to stringent restrictions and even bans (depending on assets and types of transactions). Seven of these individuals are currently waiting for the results of the inquiry to see whether or not they will be charged with incompetence and/or engaging in illegal financial activities. The charges and arrests were carried out in accordance with the rules of the Foreign Exchange Transaction Act, which includes, among a variety of other things, any operations that involve cryptocurrencies and other digital assets.

These transactions are deemed illegal because they avoid paying the so-called “kimchi premium,” which is a cost that is paid to any operations involving foreign assets that are purchased in South Korea. This is an additional fascinating fact about the situation. People in SK are prohibited from investing in highly speculative assets that carry a high risk but have the potential for significant returns in the short term due to a limitation that places a limit on their options. Many individuals are opposed to it, despite the fact that it is intended to shield local investors from the dangers that are linked with such trading tactics.

In spite of the fact that the name gives the impression that it is something negative, we need to keep in mind that the mission of the entire cryptocurrency community is to persuade the rest of the world to acknowledge cryptocurrencies as legitimate assets and alternatives to traditional forms of currency. In South Korea, 16 people were detained for engaging in illicit trading on foreign exchanges, and the total volume of assets that were unlawfully exchanged was estimated to be 2.7 trillion won, which is very close to $2 billion.

It is important to be aware that cryptocurrency

continue to be subject to stringent restrictions and even bans (depending on assets and types of transactions). Seven of these individuals are currently waiting for the results of the inquiry to see whether or not they will be charged with incompetence and/or engaging in illegal financial activities. The charges and arrests were carried out in accordance with the rules of the Foreign Exchange Transaction Act, which includes, among a variety of other things, any operations that involve cryptocurrencies and other digital assets.

These transactions are deemed illegal because they avoid paying the so-called “kimchi premium,” which is a cost that is paid to any operations involving foreign assets that are purchased in South Korea. This is an additional fascinating fact about the situation. People in SK are prohibited from investing in highly speculative assets that carry a high risk but have the potential for significant returns in the short term due to a limitation that places a limit on their options. Many individuals are opposed to it, despite the fact that it is intended to shield local investors from the dangers that are linked with such trading tactics.

 

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