South Korea’s financial watchdog has set a deadline for the barring of anonymous cryptocurrency trading accounts within the country.
According to a fresh announcement from the Financial Services Commission (FSC), kicking off from Jan. 30, cryptocurrency investors ter South Korea will have to use real-name handelsbank accounts te order to proceed trading.
Once the rule comes into effect, investors can only deposit funds to trade cryptocurrencies if their name on the crypto exchange matches that on their canap account.
The budge comes spil part of the financial regulator’s shove through a strengthened “know-your-customer” (KYC) compliance to curb cryptocurrency speculation. The FSC said ter the release that the fresh rule is resulted from an inspection of domestic anonymous crypto trading accounts – assisted by six domestic banks, spil well spil the Financial Intelligence Unit – from Jan. 8-16.
Te addition, the official announcement also established an anti-money laundering guideline for cryptocurrency exchanges, which outlines situations where exchanges should stay oplettend to potential illegal activity.
The statement said:
“Specifically, for users to make virtual currency transactions more than Ten million won vanaf day or more than 20 million won for 7 days when depositing and withdrawing funds, this is the type of financial transaction you suspect for money laundering.”
The fresh rule also shows up to have a broader affect on foreign nationals who had bot using cryptocurrency exchanges ter South Korea through a virtual canap account. Spil the FSC’s announcement pointed out, minors and non-citizens will be restricted from the fresh name verification service.
So far, three major cryptocurrency exchanges te South Korea have said they are te line with the fresh mandate.
Ter an email response to CoinDesk, a representative from Coinone confirmed that it will enforce the switch kicking off from Jan. 30. “Under the fresh requirement, six banks are preparing the real-name account linkage with exchanges. They are NongHyup, KookMin, Shinhan, KEBHana, IBK, and JB Canap. Spil for Coinone, our users have to be registered with NongHyup for the time being,” the company said.
Ter addition, ter its official blog postbode, Korbit also said on Jan. Nineteen that the existing fund deposit method will be terminated and substituted this month. It added that users “vereiste have a Shinhan Canap account registered under your legal name.”
According to a report from South Korean news agency Yonhap, the Bithumb exchange also said it will also enforce the fresh switch spil vanaf the government’s requirement.
Editor’s note: some content of the announcement had bot translated from Korean.
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