The authorities of South Korea tightened the rules of cryptocurrency trading on local exchanges. The innovations will come into force on January 30, Reuters reports citing the statement of the Financial Services Commission.
Now each trader must identify himself with the help of a bank account to buy or sell a cryptocurrency. In this case, the name of the owner of the cryptocurrency account must coincide with the name of the owner of the bank account, otherwise the transactions will be prohibited.
It is also reported that six local banks will be connected to the real name registration system.
Local bitcoin investors call the government’s move expected, but do not believe that it will entail an outflow of the country’s cryptocurrency investments.
“I see no reason to withdraw my money now,” the source said.
Let’s remind, earlier the South Korean authorities obliged all cryptocurrency traders to convert anonymous digital accounts to registered ones by the end of January in accordance with AML / KYC-legislation. In addition, cryptocurrency exchanges will be required to transfer information about the transactions of their customers to banks on the basis of a government decision.