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South Korea to Ban Anonymous Cryptocurrency Trading

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In the wake of regulating cryptocurrency, South Korean will start banning the use of anonymous bank accounts starting from January 30. As part of the policy, underage individuals and foreigners without
local bank accounts will be barred from trading in virtual currencies. Banks will be required to share information about cryptocurrency exchange with each other and will need to watch more closely for transactions that may be linked to crimes.

South Korea's Financial Services Commission announced that a real-name registration system will be implemented for cryptocurrency trading, according to Korean media reports. The investor will have to convert their virtual bank accounts to real-name bank accounts to continue trading. Deposits and withdrawals will only be allowed between real-name bank accounts and matching crypto-exchange accounts opened at the same bank. The system will cover six banks.

Effect on Bitcoin

The South Korean government's official position is that these new rules would aim to halt crimes like money laundering as well as stabilize a market that has been known to swing wildly. The Korean crypto market is estimated to be the third-largest in the world, right behind Japan and the United States, so a monumental change like this will almost certainly cause waves in the global market.

The price of Bitcoin, the most popular cryptocurrency has been steadily declining since multiple national governments like France and Germany announced last week that they would present a joint proposal aimed at regulating bitcoin this March. Some countries even toyed with the idea of shutting down exchanges altogether.

South Korea was one of the countries that announced a potential ban. That was met with drastic drops in prices, with the price of a single token shedding over 10 percent of its value in the wake of the news.


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