January 23, 2018 / Law

South Korea Will Ban Anonymous Cryptotrading From January 30

south korean crypto trading

The authorities of South Korea intensified the rugulation of cryptocurrencies trading. The innovations will come into force on January 30, according to Financial Services Commission.

Now each trader must identify himself through the bank account to buy or sell a cryptocurrency. In this case, the name of the owner of the cryptocurrency account must coincide with the name of the owner of the bank account, otherwise the transactions will prohibite.

It is also reported that six local banks will connect to the real name registration system. Local bitcoin investors call the government’s move as expected. At the same time they do not believe that it will entail an outflow of the country’s cryptocurrency investments.

“I see no reason to withdraw my money at the moment,” – unknown official said.

Let’s remind, earlier the South Korean authorities obliged all cryptocurrency traders to convert anonymous digital accounts to registered ones in accordance with AML/KYC by the end of January. In addition, cryptocurrency exchanges will be required to informate banks about the transactions of its customers.

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