South Korea New Cryptocurrency Rules: From January 30th on Tuesday, South Korea Government allowed to trade only from real-name bank accounts in cryptocurrencies. After some news on banning Cryptocurrencies in China followed by South Korea early in this month, it is a new note.
The Financial Services Commission has confirmed the new rules and measures. In this new regulations, it helps to reduce illegal activities such as crimes, money laundering, and tax evasion with the help of cryptocurrency transactions.
It would only allow trade in cryptocurrencies from real-name bank accounts beginning Jan. 30. Those rules enabled banks to comply with their KYC AML (know your customer, anti-money laundering) obligations.
As per the estimate, there are more than three million users have involved with the Cryptocurrencies as investors in South Korea. All the national banks have started verifying the identities of investors. Now, it ensures that the only real-name bank accounts and matching account for deposits and withdrawals at crypto exchanges.
In another hand, the government of South Korea banned foreigners to open cryptocurrency accounts. Because of this new rule, most of the companies head like Julian Hosp, are saying that it is the crackdown on anonymity and the illegal use of cryptocurrencies.
This new rule comes after a big crypto coins stolen from Japanese exchange Coincheck last week. Read NEM (XEM) price dropped low in a day after the hack.