According to reports, South Korea will begin implementing new regulations prohibiting anonymous cryptocurrency trading accounts around January 20.
Yonhap News quoted an anonymous source as saying that it seems that the work of suppressing speculative investments in the cryptocurrency market seems to have encountered difficulties on the launch date.
The proposal radically strengthens the existing “know your customer (KYC)†rules of exchanges and banks, and requires cryptocurrency users to associate bank accounts with identity information in order to access funds.
Other regulations include strengthening anti-money laundering rules and prohibiting the issuance of new anonymous virtual accounts. The government’s proposal may even close the domestic cryptocurrency exchange.
Hong Nam-ki, the head of the Korea Government Policy Coordination Office, announced these new regulations for the first time last week. At the time, he told local news organizations that the government could no longer "sit and ignore" the speculative behavior in cryptocurrency.
He told reporters that South Korea would even restrict advertising in cryptocurrencies.
The country's Financial Intelligence Unit and the Financial Supervisory Authority (FSS) will oversee the implementation of new regulations, including checks on exchanges and banks to ensure that they comply with these rules.
Last week, FSS President Choe Heung-sik said he expected the bitcoin bubble to break out.
He told reporters at the meeting: "There was such a company during the Korean IT bubble at the beginning of the 21st century, but the situation of Bitcoin is not the same."
When asked if the country would launch its own official cryptocurrency exchange, Heung-sik said the move needed to be “researched carefully.â€
This article only represents the author's personal opinion, does not represent the position of the blockchain pencil, does not constitute investment advice, the content is for reference only.
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