South Korea ‘Legalizes’ Cryptocurrency Trading, Bans Anonymity | #VentureCanvas

Wilma Woo | Bitcoinist

South Korea lawmakers have confirmed cryptocurrencyexchanges will become de factolegal January 30 as they enact new laws about anonymity in trading.

6 Banks On Board For Change

In its most recent statements, the country’s Financial Services Commission (FSC) confirmed that exchanges must only permit trades from customers whose name matches their bankaccount. Foreign citizens, both native and non-native, will not be allowed to trade.

South Korea ‘Legalizes’ Cryptocurrency Trading, Bans Anonymity | #VentureCanvas
South Korea ‘Legalizes’ Cryptocurrency Trading, Bans Anonymity | #VentureCanvas

“Establishment of the system for ‘real name verification of deposit and withdrawal accounts’ for settlement will be completed by January 30, 2018,” the FSC documentation reads.*

So far, six of Korea’s major banks have signed up to implement the required monitoring changes following collaboration with the government on inspection of anonymous exchangetradingaccounts earlier this month.

These are Shinhan Bank, Nonghyup Bank, Industrial Bank, Kookmin Bank, Hana Bank and Gwangju Bank.

Exchanges Prepare In Advance

In reactions to the setting in stone of the new way of tradingcryptocurrency, major exchanges presented various requirements for users.

Korbit, one of the leading platforms along with Bithumb, told customers to open an account at Shinhan specifically in order to continuetrading.

“To use the new KRW deposit method, which is slated to be implemented within this month, you must have a Shinhan Bank account registered under your legal name. Please use this time to create a bankingaccount at Shinhan Bank,” a poststates.

South Korea Bans Bitcoin Futures As Authorities Consider Crypto Income Tax

Foreign-based customers had been able to gain access to the Korean market through virtualbankaccounts and other tools, but they, along with minors, now face a moratorium of undetermined length.

On Monday, Seoul also addressed the issue of taxation on cryptocurrencyexchanges, which are now obliged to pay a corporation tax and localincome tax for 2017 profits amounting to 24.2%.

Markets continued to fall slightly through Tuesday, with the cementing of Korea’s officialregulatory position on crypto trading having little effect on overall flat sentiment.

*This quotation is extracted from the first PDF file available in attachments via the sourcelink.

What do you think about the latest news from South Korea’s cryptocurrencyexchange regulation? Let us know in the comments below!

Images courtesy of Shutterstock

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