South Korea will ban anonymous cryptocurrency trading to help boost transparency

pulse

January 23, 2018 11:36 PM

New regulations set for next week will introduce a system to verify a person's identity before they can make a crypto transation.

South Korea says it will ban anonymous cryptocurrency accounts used for financial transactions.
New regulations set to take effect next week will introduce a system to verify a person's identity before they can make a crypto transaction.
Cryptocurrency exchanges will also be required to share user data with local banks.
South Korea houses some of the world's largest cryptocurrency exchanges and they have gone largely unregulated until now.

South Korea has made moves to ban anonymous cryptocurrency accounts from being used for financial transactions.

Financial authorities have already banned banks from offering virtual accounts that are needed to buy or sell cryptocurrency. New regulations set for next week will further the ban already in place by introducing a system to verify a person's identity before they can make a transaction.

South Korea's senior financial regulator told reporters that six South Korean banks will begin issuing new trading accounts next week after the system is implemented. Those banks include

Newly proposed regulations would require banks to check whether cryptocurrency exchanges comply with the new transparency measures.

The government will also be able to access users' transaction data through compliant banks, according to officials, which may point to the government looking to enforce

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