"But if Bitcoin's price were to collapse and enter a bear market like in 2014 to 2015, one would wonder if Samsung would stay with this line of business through such a turn".
These new regulations will not remove fiat from the crypto system but will allow new traders to open new accounts, old traders to resume trading, and the exchanges that were taken offline a month ago, to begin transacting under more stringent safeguards.
South Korea's Financial Service Commission confirmed that new measures had been implemented, like bans on anonymous trading accounts. For now the situation looks slightly better but if we compare BTC prices at South Korea's UpBit ($12,514) to US-based Bittrex ($11,737) the difference is substantial.
According to Lukman Otunuga, an analyst at FXTM, market jitters over South Korea banning cryptocurrency trading has effectively eroded investor appetite for Bitcoin.
"I think it's the start of a crackdown on anonymity and the illegal use cases that some cryptocurrencies might have", Julian Hosp, co-founder and president of cryptocurrency start-up TenX, told CNBC's "The Rundown". Worth over $1,300 at its recent peak, Ethereum has definitely become the second most viable platform of the cryptocurrency competitors.
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The regulator has previously said it would come up with detailed guidelines for local banks to properly identify its clients by their real names in cryptocurrency transactions.
A short time ago on coinmarketcap.com, the current combined "market capitalisation" of the 1,498 cryptocurrencies listed on the site amounts to nearly $US560 billion - about the same as Facebook, which has annual revenue of $US37 billion. That represents a decline of about 50% from the high set in late December 2017, when Bitcoin was well over $19,000. There is a difference between banning and regulating, which is more likely. Other cryptocurrencies and Bitcoin- and blockchain-related stocks tumbled as well.
Trade in bitcoin denominated in Korean won stood at around 4 percent on Tuesday, according to CryptoCompare. Following the sell-off, Stellar (XLM) lost its sixth place, now standing at the eighth place based on market cap.
It follows weeks of speculation - partly adding to cryptocurrency volatility - that South Korea has been drawing up plans to clamp down on cryptocurrencies.