South Korea will reportedly start implementing new regulations banning unknown cryptocurrency sell accounts on or around Jan. 20.
Citing unknown sources, Yonhap News reports that the efforts to clamp down on suppositional investing in the cryptocurrency markets now clearly have a hard launch date.
The offer radically strengthens “know-your-customer” manners already in existence for exchanges and banks, and will need cryptocurrency sell users to bond a bank comment with identifying information in sequence to deposition or repel funds.
Other regulations embody strengthening anti-money laundering rules, as well as a anathema on arising new unknown practical accounts. The government’s proposals could even go as distant as shutting down cryptocurrency exchanges within the country.
The new regulations were first announced last week by Hong Nam-ki, the apportion of the Office for Government Policy Coordination. At the time, he told internal news agencies that the supervision could not let conjecture in cryptocurrencies “go on any longer.”
South Korea will even shorten cryptocurrency advertising, he told reporters.
The country’s Financial Intelligence Unit and the Financial Supervisory Service (FSS) will manage the rollout of the new regulations, including by inspecting exchanges and banks to safeguard institutions are complying with the rules.
Last week, FSS administrator Choe Heung-sik pronounced he approaching the bitcoin burble to burst.
“Companies existed during South Korea’s IT burble in the early 2000s, but that is not the box for bitcoin,” he told reporters in a meeting.
Asked if the republic would launch the possess central cryptocurrency exchange, Heung-sik pronounced such a pierce would need “to be reviewed carefully.”
South Korean won picture around Shutterstock
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