The government obliged all traders to pass verification

One of the most significant advantages of crypto-currency trading is, albeit partial, but still anonymous. Apparently, soon the South Korean traders will have to say goodbye to this advantage.

The financial department of South Korea said that it is compulsory to fine everyone who will use anonymous virtual accounts. It is clear that until the fines will not be presented and traders have time before the end of this month to decide whether they want to join the wave of deanonymize or not. From virtual accounts, you can now only withdraw funds, since trading with them will be banned.

According to the legislation of South Korea, financial transactions are possible only with the indication of personal data. This law was introduced in August 1993. Prior to it, the South Koreans practiced transfers of large sums among themselves, using fake names. In 2014, this law was revised and supplemented with penalties for its non-compliance. Now, as a measure of restraint, the citizens of the UK can face a fine of up to 50 million won (about 47,000 dollars) or 5 years in prison.

The limits of penalties for crypto-currency traders have not yet been indicated, but Yonhap reminds that in 1993 the offenders were fined up to 60% of their current assets.

One of the reasons for the introduction of verification was that at present a plan is being created to tax the crypto-currency transactions and the government is extremely interested in obtaining data on all individual traders in crypto-currencies.

Recall that as early as January 8, South Korean agencies announced the verification of six major banks for money laundering through virtual accounts. It was planned that by 11/11 this check would be completed, and the data was provided to the relevant structures, but it was now revealed that the inspections were extended until January 16. Accordingly, we will closely monitor their results, as they directly affect the courses of some popular tokens.


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