The Republic Of South Korea Ends Anonymous Cryptocurrency Trade

The new cryptocurrency law is effective in South Korea. Whether you are a native or a foreigner, there is no running of an anonymous digital currency account. For one to used or trade in digital currency, he or she must use their real names. When introducing these laws a week ago, the government said that it wants to streamline the sector. The nature of digital currency trade is that you do not know who you are trading with, which is now history in South Korea. You need to use your real name as it appears in government documents.

Why Did South Korea End Anonymous Cryptocurrency Trading?

When speaking about the new system, one official said that this is a milestone. He also said that the new laws would help the government achieve its goal. What is the purpose? By introducing these new rules, to end anonymity in digital accounts, the government had an agenda. Through the Ministry of Finance, the government said that it is part of the effort to stop money laundering business. For many years, the digital coin has been used to launder money outside the country. S. Korea is not the only country that has alleged that digital currency aids in money laundering. China has also raised the same allegations in the past.

Preventing Altcoins From Money Laundering?

Because of the nature of the digital coin, its anonymity nature, it is easy to pay for illegal products. For this reason, in the past, the Bitcoin has been associated with the black market. But now, things have changed. It is not easy to use digital currency to engage in any form of illegal business. It is even hard in South Korea. “The use of anonymous bank accounts in transactions is to prevent virtual coins from being used for money laundering and other illegal activities,” Yonhap reported. According to the latest news from S. Korea, at least six major local banks are taking part in this program. The six banks are Industrial Bank of Korea, Shinhan Bank, and Kookmin Bank.

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No Anonymous Cryptocurrency Trading At Gwangju Bank, Nonghyup Bank, and Hana Bank

The other three are Gwangju Bank, Nonghyup Bank, and Hana Bank. It is expected that several other banks will also start to use the new system. According to the government, all banks and exchanges that run cryptocurrency accounts must use the new law. Last week, the government fined 8 exchanges that did not follow the law. It is also in the same week when the government announced that it has recovered $600 million of illegal cryptocurrency transactions.

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