New Cryptocurrency Regulations to Benefit the South Korean People (Q1 2018)


January started with FUD (“fear, uncertainty, doubt”) coming out of South Korea regarding how legislation was being prepared to ban cryptocurrencies entirely. However, by the month‐end, the government enacted previously established regulations supporting cryptocurrencies, not banning them.

South Korea’s Financial Service Commission confirmed that the new measure outlined by the body previously this month had successfully been implemented as of January 30, 2018. The regulations state that it would only allow the trade of cryptocurrencies from bank accounts with verified names. By ensuring the accounts being used to trade had real identities South Korea could ensure banks and exchanges complied with their Know Your Customer Anti‐Money Laundering (KYC AML) obligations.

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