South Korean Government Imposes Penalty for Anonymous Cryptocurrency Trading

January 15, 2018

South Korean Government Imposes Penalty for Anonymous Cryptocurrency Trading

The government of South Korea has compelled all virtual currency traders to convert all anonymous accounts into personal ones and make them AML/KYC-compliant till the end of January. All banks must also observe this requirement.

Valid name-linked financial transactions system was established in South Korea in 1993, 2014 saw a number of amendments including ban on anonymous deals. Violation of this shall result in penalty fine of $47 000 or a five-year prison sentence.

In addition, the government is elaborating a taxation system for cryptocurrency transactions with personal digital accounts as primary component.

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