South Korea set ban on anonymous encryption currency trading date of implementation of the new regulations

nWalkout comment: Last week, South Korea announced the fight against speculation in cryptocurrency trading and subsequently announced a series of specific rules. These include strengthening existing KYC rules for exchanges and banks, anti-money laundering rules and possibly even closing cryptocurrencies exchanges in the country. According to South Korean local media reports, these new regulations are expected to be implemented around January 20. Choe Heung-sik, chief executive of FSS, said South Korea needs to launch its own official cryptocurrency exchange. The move needs further study.n
nTranslation: Clovern
It is reported that South Korea will begin implementing a new ban on anonymous encrypted currency trading accounts around January 20.n
According to information received from anonymous sources, the Yonhap News Service quoted reports that it seems that efforts to suppress speculative investment in the cryptocurrency market seem to have encountered difficulties on the start-up date.n
The proposal fundamentally strengthens the existing Know Your Customer (KYC) rules for exchanges and banks and requires crypto-currency exchange users to associate bank accounts with identity information in order to access funds.n
Other provisions also include the strengthening of anti-money laundering rules and the ban on the issuance of new anonymous virtual accounts. The government’s proposal may even close the country’s cryptocurrency exchange.n
Hong Nam-ki, the government’s policy coordination office, announced the first new rules last week. At the time, he told local news agencies that the government could no longer “sit idly by” about speculation in cryptocurrencies.n
He told reporters that South Korea will even limit the ads encrypted currency.n
The country’s Financial Intelligence Unit and the FSS will oversee the implementation of the new rules, including checking exchanges and banks to ensure compliance with these rules.n
Last week, Choe Heung-sik, FSS president, said he expected the upcoming Bitcoin bubble to erupt.n
He told reporters at the conference: “There was such a company during the IT bubble in South Korea at the beginning of the 21st century, but the situation with Bitcoin was not the same.”n
When asked if the country is going to launch its own official cryptocurrency exchange, Heung-sik said the move needs to be “carefully studied.”n

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