South Korea begins restrictions on virtual currencies

South Korea banned the use of bank accounts anonymously in the transactions of virtual currencies and electronic, such as bitcoin Bitcoin, with a view to stop the virtual currency used in crimes such as money laundering.

While South Korea is the third largest market globally in terms of trading bitcoin and other virtual currencies, after Japan and the United States of America, experts see that the new resolutions will make the state of the Asian more in line with the financial rules in other markets.

On the same side, specialists the possibility to perform the resolution of Seoul, which will start the application on the 30th of January, to the sudden fluctuations and great in prices of electronic currency trading.

Under the new resolutions will be on the Holders Wallets virtual currency anonymous linking their bank accounts on their behalf with the confirmation of the identity of ownership does not, which is the procedure similar for an American known as “know your customer” Know Your Customer uses in the fight against crime in the United States of America.

In another context, it will prevent the investors under the legal age and foreign investors to open accounts e-currencies and default in South Korea, also needs to be taken a measure more explicitly later.

The post South Korea to start restrictions on virtual currencies appeared first on the buckle.

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