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South Korea's government said it plans to implement special measures to control virtual currency speculation.
The government has repeatedly warned that virtual currencies are not legal tender and its prices can fluctuate drastically causing great losses, the Office for Government Policy Coordination said in a statement on Thursday.
The virtual currency speculation has irrationally overheated in Korea, the government said. The government is not in a position to neglect these unusual speculation.
New measures will require real-name cryptocurrency transactions and plans to ban cryptocurrency exchanges deemed necessary, a measure proposed by the Ministry of Justice.
Singapore's central bank last week advised the public to act with extreme caution and understand the significant risks they take on if they choose to invest in cryptocurrencies.
The Monetary Authority of Singapore cautioned investors that there is no regulatory safeguard for investments in cryptocurrencies.
