South Korea does not intend to ban cryptocurrency trading, the country’s finance minister said on Thursday.
South Korea’s regulatory ban on anonymous crypto trading finally goes into effect starting today and many participants back this decision.
Exchanges have been fined for compromising customer data and privacy, and have been asked to resolve the issue in due time.
Under the new regulation, traders will no longer be able to use anonymous bank accounts to sell and acquire virtual currencies via South Korean exchanges.
Top 15 cryptocurrencies by market cap are seen correcting by 10% just over last 24 hours.
Cryptocurrency exchanges will be now required to pay corporate and local income tax on their yearly reported earning.
While investors are doing their best to keep pace with the rapid changes in the crypto market, indecent officials in South Korea are trying to profit from insider information.
Very soon crypto trading activity in South Korea will be allowed only for those who have real-name accounts: those with anonymous ones will be fined.
South Korea’s presidential office stated that they have not yet finalized on the reports about a possible ban on cryptocurrency trading exchanges.