South Korea Bans Trades On Unknown Cryptocurrency Accounts

South Korea Bans Cryptocurrency Accounts?

The government of South Korea is doing what it says. It is weeks now when authorities say that they will impose a ban. When the right time comes, it is a blow to many. It is close to two weeks ago when the government makes it clear. Then, the statement from the government is that it will impose a ban. When the announcement is out, several people in the Cryptocurrency business panic. But it is not the people who suffer. Prices of significant digital coins shrink.

How Long Will South Korea Ban Cryptocurrency Trading?

This move may be well-intended . But the number of people it is affecting is big. When the announcement was out nearly two weeks ago, the bitcoin is selling at around $12, 000. After the announcement, the coin drops to $9, 199. Also, this is the lowest price so far in 2018. The last time the coin is selling around this low is on November 30. But it does not stay at this low for long. Starting December 1, the price of the Bitcoin
rises gradually.

Price Surges To $20,000 But Falls Quick

When Americans are celebrating Thanksgiving, the price of the coin hits its all-time highest. This time, the cost surges to $20,000. To many people, the red-hot altcoin is unstoppable. Following the example of when it is low, the altcoin does not hold at its highest for long. Less than 24 hours later, the price starts to sink. The good thing is that the sinking is gradual. The cost comes down gradually until it hits its lowest on January 17, 2017. But again, it starts to ascend.

South Korea Is The Third Largest Cryptocurrency Market

According to recent revelations, South Korea is the third largest cryptocurrency market. The country is behind Japan, where bitcoin has roots and the U.S. The law on the closure of anonymous digital currency accounts comes into effect on January 20, 2017. In the beginning, the statement from government agencies is clear.

Stringent Rules That Emerge

It states that ‘no foreigner will be permitted to deposit using local currency.’ Later, many stringent rules emerge. In the new S. Korean law, there are holders of digital coins’ accounts that will do business. But for one to be exempted, a holder of the account must link the account. The new law states that a person must never operate an anonymous account. If they intend to continue using the report, they must connect it to their bank accounts. The bank accounts must bear their names. Besides, their identities must be confirmed by authorities.

South Korea Bans Cryptocurrency Accounts?

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Regulations In Korea Similar To The U.S.

These new regulations in Korea are similar to those in the U.S. The federal government requires that holders of a digital currency account be real. Yes, the law talks about ‘Know Your Customer.’ Back in South Korea, you are not able to own an account if you are a foreigner. Additionally, no underage will own or operate a digital coin account.

It seems that authorities are imposing one regulation after another. Earlier this month, authorities say that there are stricter rules to come. One of the more stringent laws that are likely to happen is a total ban on digital currency trade in South Korea.

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