South Korea Not Against 'Normal' Crypto Transactions

February 21, 2018

South Korean financial regulator has denied rumors that it plans to completely prohibit all cryptocurrency activities in the country and stated that it will support 'normal' cryptocurrency transactions.

Head of the Financial Supervisory Service of South Korea Choe Heung-sik stated that as long as transactions comply with the rules of mandatory identification of local cryptocurrency traders, South Korean authorities will support them.

These rules came into effect on January 30 and prohibits anonymous cryptocurrency trading. However, according to a recent report by Yonhap agency, only 8,2% of users of South Korean cryptocurrency exchanges have registered their real names since the rules were implemented and the vast majority of traders remains anonymous. 

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