South Korea introduces new regulations on crypto money accounts

The South Korean government has announced that from January 20th, it will enforce the ban on accounts trading in anonymous crypto money with new rules.

According to Korean news agency Yonhap, the government is launching an investigation into the development of the local crypto market to prevent speculative investments in the crypto money trade.

The report, based on anonymous financial industry sources, points to guidelines that would oblige exchanges to comply with the increasing anti-money laundering norms.

South Korea: "High losses are worrying."

The South Korean government announced its intention to implement the country's crypto trading market borders last week due to concerns about "high losses".

In the statement, the government said:

"Officials share the view that virtual money trading is unreasonably overly volatile. Now we can not ignore this abnormal speculative situation, "he said.

The new rules will only allow deposits and withdrawals to traders with matching account names in the bank.

New anonymous "virtual accounts" can be completely banned as part of the government's agenda in order to enforce and strengthen KYC (customer diagnosis) rules in the sector.

The date on which the anonymous trade ban was announced came within a month after the hacking of the Seoul-based stock market Youbit in mid-December, when Korean authorities carried out on-the-spot inspections on more than one crypto money exchange.

Although Korean authorities do not completely ban cryptographic currency trading, a senior government official has confirmed that regulators will "consider", if necessary, the closure of crypto-currency exchanges in the future.

This ban was first proposed by the Korean Ministry of Justice at the beginning of December.


Kriptoparahaber .

Thank you