Cryptocurrency Trading With Anonymous Accounts Banned From January 30 In South Korea

We have already told you that the South Korean government has finally started to take serious steps to regulate cryptocurrencies.. After the news that 6 big banks in the country will support crypto money exchanges, the details of the new regulations that the South Korean government will make regarding cryptocurrencies began to become clear.

According to the news in the Korean press, the governmentfrom January 30 strong>will prohibit the use of anonymous accounts in cryptocurrency trading. The main reason behind this move of the government is that, as many states are afraid, transactions such as money laundering and tax evasion are carried out using Bitcoin.

Vice Chairman of the South Korean Economic Services Commission

In a statement on the subject, Kim Yong Beom stated that, in accordance with the new rules regarding the regulation of cryptocurrencies in the country, users of the exchange are now required to use their bank accounts registered in their names when transferring funds to or withdrawing from exchanges.

According to the news in the Korean press, as a result of numerous speculations about the fate of cryptocurrencies in the country, crypto money exchanges in Korea had stopped recruiting members in the past weeks.. However, now that the government’s roadmap on this issue has been clarified, banks such as Shinhan Bank, NH Bank and Industrial Bank of Korea have given the green light to recruit new members to cryptocurrency exchanges.

Speculation End of December. It had begun

Crypto money made in the country using anonymous accounts, and even more specifically, Bitcoin, the news that its trading would be banned, first fell to the agencies at the end of December.. In South Korea, which had almost 20% of the world’s Bitcoin market volume at that time, after these ban news, the price of Bitcoin dropped very seriously, South Korean prime minister Lee Nak Yeon also said in a statement at that time that he thought his citizens’ addiction to Bitcoin trading was pathological.

Afterwards, almost every day, in many media outlets, the country’s stance against cryptocurrencies was expressed. There have been many related news, the effect of this issue on Bitcoin prices has been discussed in detail.. Speaking at the time, South Korean Minister of Justice Park Sang Ki said that the main purpose of making these regulations was to reduce the craze for cryptocurrencies a little bit.. After this statement, Bitcoin prices fell from $15,000 to $13,500 in 24 hours on January 11.

Almost half of the people in the cryptocurrency community were seriously faced with this event. While they panicked in a sense, the other half agreed that it was a deliberate operation.. After the great chaos that dominated the market, the South Korean government had to issue a statement regarding this issue.. In that statement, it was said that the views of Minister of JusticePark Sang Ki are a draft, but may not reflect the law itself.

Later, on the eve of a South Korean executive banning the decision, some insiders were skeptical of cryptocurrencies.

However, as of today, all this madness seems to be over, at least for now.. At the very least, we now know that a total ban of cryptocurrency trading in South Korea is as illegal as it is impossible.. Although we see a lot of red when we open the data at this stage, it is not wrong to say that this situation is beneficial for the long-term stabilization and sustainability of the crypto money markets.

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