REMOVING ANONIMITY? South Korea banned anonymous trade in crypts

South Korea has banned the use of anonymous bank accounts for cryptowatch transactions, according to British media

The ban comes into effect on January 30th, and should prevent the use of virtual currencies in criminal offenses such as money laundering and bring South Korean regulation to financial regulations in other countries, the BBC said.

According to some sources, South Korea is the third market in the world for transactions with bitcoins and other cryptoworks. The first place belongs to the United States, and the second to Japan.

Seoul could make the decision to cause oscillations in the value of digital currencies
Due to the important role of South Korea in the world of digital currencies, Seoul's decisions can cause sudden oscillations in their value.

Owners of anonymous 'wallets' with digital cryptoworks in South Korea will have to bind them in future in bank accounts under their own name and ensure identity confirmation. Similar regulations are in force in the US, the BBC notes.

Foreigners and juveniles are prohibited from opening an account

Separate accountants for crypts will be prohibited from juvenile investors and foreigners.

Other stricter measures could be imposed later, the BBC added, reminding that South Korean officials said at the beginning of the month that the possibility of prohibiting trade in crypts was being considered.

Yesterday Yonhap news agency reported that the authorities would cut large taxes on trading platforms for crypto-switches in order to keep up the activity in that sector.

Cryptowatch trafficking is particularly popular among young people, and because of the demand, the value of certain transactions is 30 percent higher than in other countries, the BBC noted.

• 23 Jan, 2018
• 1067 views