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South Korea to forbid anonymous cryptocurrency trading, blanket ban averted

Jan 23 2018
By
Jonathan Smith

 It looks like the South Korean government has abandoned its plans to impose a blanket ban on cryptocurrency trading in the country, but will nevertheless impose certain restrictions.


According to reports, quoted by CCN, the authorities will enforce a ban on anonymous transactions and trading through virtual anonymous bank accounts, starting from January 30. Instead, six South Korean banks will be issuing new trading accounts, in compliance with KYC requirements. This means that the name on the traders’ account at the exchange and in the bank must match.


According to Financial Services Commission (FSC) vice-chairman Kim Yong-beom, on the day the banks roll out those new accounts, anonymous trading will be banned. Furthermore, the cryptocurrency exchanges will be required to share the users’ transaction data with the banks. Reportedly, this will allow the government to scrutinize the “speculative investments”.


It looks like at last the South Korean government has finally made up its mind about cryptocurrency trading, after oscillating between a blanket ban and other restrictions.


South Korea is the second largest cryptocurrency market, but there is no definitive data on its volume. It is home to some of the largest (by volume) exchanges like Bithumb, Korbit and Coinone. Trading in virtual coins has become a national pastime, with people seeing it as a way to make fast money. A survey among office workers in the country, quoted by Reuters, revealed that more than 30 percent of the 941 respondents said they traded in cryptocurrencies. They had an average of 5.7 million won ($5,357.14) invested in virtual currencies.

  

TAGS: south korea  bitcoin  cryptocurrency  regulation  ban 

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