S Korea to adopt real-name trading of cryptocurrencies
SEOUL, (MILLAT ONLINE)::South Korea’s financial regulator Tuesday said that it will adopt a real-name transaction of cryptocurrencies, such as Bitcoin, a week later amid rising speculations especially among youths.
According to Xinhua the Financial Services Commission, the Financial Supervisory Service and the Korea Financial Intelligence Unit held a joint press briefing that those who identified themselves with a real name will be allowed to trade cryptocurrencies from Jan. 30.
Those who want to invest in cryptocurrencies will be required to open account with six designated domestic banks, including Kookmin Bank and Shinhan Bank, under a real name.
The previous virtual accounts to trade cryptocurrencies will be allowed to be used if the accounts go through strict identification procedures. Foreigners and minors will be banned from trading cryptocurrencies in the local market even though they identify themselves with a real name.
Cryptocurrency trading volume of 10 million won (9,300 US dollars) per day and 20 million won (18,600 US dollars) per week will be subject to strict scrutiny by the financial watchdog.
The financial watchdog conducted an on-spot investigation into cryptocurrency transactions on Jan. 8-16, finding a number of illegalities. The regulations came amid rising speculative investment into cryptocurrencies, especially Bitcoin, raising concerns about potential damages to ordinary investors especially among youths.