The South Korean government announced that cryptocurrency traders will be fined if they do not pass with an anonymous virtual accounts to a personal account with proof of identity. Regardless of the level of service of cryptocurrency exchanges, banks were required to introduce a new system this month.
The financial authorities of South Korea said Sunday that cryptocurrency traders in the country «will be fined for refusing to convert their virtual account account with a verified identity,» reports Yonhap.
Currently capturadora can anonymously trade with virtual accounts. However, the authorities forbade banks to create new accounts of this type, and instructed them to install a new system, «which ensures that only Bank accounts with verified identity and the appropriate accounts at cryptocurrency exchanges to Deposit and withdraw funds,» explains a news channel. Also in the news says:
«Crypto-currency traders will be given a month on the conversion of anonymous virtual accounts in real and those who refused to identify himself, will be subjected to fines.»
Newspaper Kyunghyang Shinmun reports that with existing virtual accounts that you can withdraw funds, but not to make:
«People who trade cryptocurrencies were told that if they refuse to verify my identity, they will be punished for adding funds to existing accounts».
In addition, the publication Chosun was protezirovanie government official, who said: «currently we create a plan of taxation of transactions made with the virtual currency. If there be introduced a system of identity verification, we will be able to obtain data on individual traders».
Financial authorities have started to inspect 6 major Korean banks in early last week to verify compliance with requirements to combat money laundering associated with the virtual accounts. The verification was completed on 11 January, but the authorities decided to extend it until January 16. After the announcement of the extension, banks have become reluctant to introduce a system of identity verification, as provided for cryptocurrency regulation.
Shinhan Bank first announced its decision not to implement this new system. The Bank immediately sent a letter to every stock exchange, which it currently provides services for the maintenance of virtual accounts, informing them of his decision. Among them was Bithumb, the largest cryptocurrency exchange in South Korea. After the statement of Shinhan and other banks planned to follow suit and delay the implementation of the new system.
However, on 13 January the government held a meeting with representatives of 6 banks and asked them to introduce a new system as planned, regardless of whether they serve the cryptocurrency exchanges or not. According to the government, all banks participating in the meeting agreed to this condition.
Tighter controls will make life difficult for South Korean and foreign traders that trade on cryptocurrency exchanges, registered in this country, and identification of users of the cryptocurrency exchanges have become a global trend. However, it is obvious that the messages on the prohibition of trade cryptocurrency in South Korea that were distributed last week, turned out to be false.