South Korea to Prohibit Anonymous Crypto Trading

January 23, 2018

South Korea to Prohibit Anonymous Crypto Trading

South Korean regulator announced that it will prohibit anonymous cryptocurrency trading in the country. The ban will come into effect on January 30.

After that, every South Korean citizen engaged into crypto trading will be obliged to enter in their account on cryptocurrency exchange their real name, as in a bank account. Otherwise, users would not be able to perform any operations on exchanges or to deposit money in an account. As for foreign users of South Korean cryptocurrency exchanges, they will not be able to perform any transactions using virtual bank accounts. 

A South Korean crypto trader, who identified himself as Ahn, told Reuters:

"Everyone knew this was coming, as the government already said they will enforce the real-name system before. Rather, I can see this as a chance to go in, not out. I don’t see any reason to take my money out."

It is believed that this decision was made in order to reduce the excessive interest of citizens in cryptocurrency industry.

Earlier it was reported, that South Korean government will impose fines for anonymous cryptocurrency traders or bring them criminal charges. Also, there were reports that country's government plans to close all local cryptocurrency exchanges, however it was later revealed that this decision is only one of possible options.

 

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