The South Korean government announced new cryptocurrency regulations today, which led to a 12 percent and eight percent drop in bitcoin and ethereum prices, respectively. After the US and Japan, South Korea is the world's third largest market for cryptocurrencies. Beginning next month, anonymous cryptocurrency accounts will no longer be allowed under the new legislation and regulators will continually monitor cryptocurrency exchanges going forward. In a statement, the government said, "Cryptocurrency speculation has been irrationally overheated in Korea. The government can't let this abnormal situation of speculation go on any longer."