South Korea to ban cryptocurrency traders from using anonymous bank accounts


The country also wants to make cryptocurrency trade more transparent by requiring exchanges to share transaction data with banks.

The leading agency on consumer protection from South Korea has hoisted the enthusiastic confidence for Asian traders by holding its ground that the ban of virtual currencies is illegal.

Today (Jan. 23), South Korea's Financial Services Commission announced that a real-name registration system will be implemented for cryptocurrency trading by Jan. 30, according to Korean media reports (link in Korean).

However, volatility around prices together with the lack of regulation surrounding cryptocurrency trading has led to ongoing concerns among South Korean officials that investors are leaving themselves open to potentially huge losses.

The government is also planning to impose a tax rate not exceeding 24.2 percent on cryptocurrency exchange incomes this year.

The real-name system could effectively exclude juveniles or non-resident foreigners from the market, and prevent money laundering and fraud. It will allow the government to access users' transaction data through the banks. Once the new system is in place, existing accounts used for crypto trading up to now can no longer be used, he said.

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"We're proud to be the first to bring that benefit to investors - to help them cut through the hype and identify the few truly solid cryptocurrencies", Weiss added.

The new regulations against cryptocurrencies were first introduced at the end of a year ago by Hong Nam-ki, minister of the Office for Government Policy Coordination.

Hence, even though Kookmin Bank has disabled its virtual trading accounts for cryptocurrency exchanges, Shinhan Bank, IBK Bank, NongHyup bank, KDB Industrial Bank, and Woori Bank will start providing services to cryptocurrency exchanges beginning on February 1.

But governments do have the ability to regulate and oversee the exchanges where people (and robots) trade government-issued currency for blockchain assets.

"[Banning cryptocurrency exchanges] is not realistically possible". Hence, if the Indian and Russian government regulate their respective cryptocurrency markets in 2018, it is likely that the cryptocurrency market will surge in terms of daily trading volume and value.