THELOGICALINDIAN - The government of South Korea captivated a affair on Thursday to altercate measures to accord with the growing trend of cryptocurrency belief The regulators antiseptic the clampdown on basic accounts as able-bodied as added measures to end anonymity In accession the Ministry of Justice appropriate an alike added acute measure
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Clampdown on Virtual Accounts
Much of the discussions on Thursday centered on the accountable of basic accounts that are issued by banks for cryptocurrency exchanges. The government announced, according to Yonhap:
This follows the regulators’ antecedent advertisement on the basic annual clampdown that is allotment of the “emergency measures” on cryptocurrency regulation, which news.Bitcoin.com reported beforehand this month. Even afore the emergency measures were announced, banks advancing the ban and already chock-full arising new basic accounts, news.Bitcoin.com additionally reported. This would finer put some exchanges out of business.
Ending Anonymity
Hong Nam-ki, the abbot of the Office for Government Policy Coordination, explained at the Thursday meeting, as appear by Yonhap:
This advertisement followed the government’s efforts to accomplish banks analyze basic annual owners. When the regulators appear their emergency measures, they asked banks to affirm the character of basic annual owners, as new.Bitcoin.com ahead reported. However, banks said at the time that they could not comply, citation that they “only affair basic accounts to the exchanges and do not apperceive whom the basic accounts are issued.”
To accede with the adjustment in the future, banks are now building a system to analyze basic annual owners in accord with the Korean Blockchain Association. The affiliation has been alive on self-regulation with 40 companies, including 14 crypto exchanges.
Ministry of Justice’s New Attempt
Despite again warnings by the government of the risks of cryptocurrency trading, Hong acicular out that:
The Admiral of Justice, which active the task force to spearhead regulations, has been a backer of acute measures. Earlier this month, the admiral appropriate a absolute ban on cryptocurrencies in South Korea. However, this angle was not adopted in the emergency measures.
During the Thursday meeting, Hong mentioned that the Justice admiral appropriate “shutting bottomward cryptocurrency exchanges.” However, the meeting’s account do not announce whether added ministries abutment this idea.
Furthermore, Hong common that the government will strengthen requirements of bounded exchanges to anticipate money-laundering and acclimate punishments for crypto-related crimes. The government will additionally put restrictions on cryptocurrency advertisements.
What do you anticipate of the Korean government’s new attempts to barrier the crypto markets? Let us apperceive in the comments area below.
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