As per Reuters, in order to curb the widespread speculation growing amongst investors, the new regulations could include the prohibition of anonymous trading accounts operating within the country with authorities having the right to even shut down exchanges if needed. Perhaps in response to the news, the cryptocurrency markets fell overnight, with Bitcoin slumping 10%.
"The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility", the South Korean government said in an official statement.
The crypto currency recovered but is still down more than 7% on the day.
According to the South Korean news agency Yonhap, the announcements were made by Hong Nam-ki, the minister of the Office for Government Policy Coordination, after discussion with vice ministers from other governmental bodies regarding the recent rise in cryptocurrency interest and ownership domestically.
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Image of South Korean Won via CoinDesk archive. He said the government "can't let this abnormal situation of speculation go on any longer". While bitcoin's debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited.
Stephen Innes, head of trading for Asia Pacific at Oanda said: "Regulators are getting so concerned that this is primarily and predominantly a retail phenomenon".
The South Korean government has been among the loudest voices of concern about a possible speculative bubble in the largest cryptocurrency, which is still up about 1,500 percent for the year.
New measures will require real-name cryptocurrency transactions and plans to ban cryptocurrency exchanges deemed necessary, a measure proposed by the Ministry of Justice.