According to a report (Korean content) published by South Korea Financial Services Commission, starting January 30th this year, all crypto exchanges will have to comply with a KYC (Know Your Customer) rule that will link any trading account to a real name bank account. This will eliminate the so called "virtual accounts" trading, which made possible trading quasi-anonymously.
From 30th January onwards, trading accounts should match bank accounts identically.
A few exchanges already announced they will comply with the measure: Korbit, Bithumb and Coinone.
To be honest, I don't see this as bad news. On the contrary.
If they regulate crypto, it's obvious they won't ban it.
As one of my followers suggested earlier in a comment, this whole South Korea drama could be a test run for many other nations standing on the side, looking for the best approach towards this phenomenon.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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That is going to be awfully hard to regulate, I guess there are lots of people who do whatever there government tells them. It's not hard to use a vpn and trade on any exchange though lol
The data the SK gathers could provide interesting behavioral information to interested parties, although given how different SK trading behavior is compared to other cultures, I don't think that data will provide useful information outside of SK. In fact, the data would be biased as decentralized exchanges, privacy coins like monero, and other tools to circumvent direct surveillance will mean that the behavior data will be GIGO.
They only thing it solves is tracking money going directly from bank accounts to exchanges, which may allow SK central bank to keep their Forex values in check.
I welcome any news that causes unrest in the crypto markets, because every time some "bad" news is pushed out, we all take it a little less seriously each time, which dampens the media's ability to attack the crypto markets and manipulate them.
Yes, regulation is good for the crypto to flourish...
There have also been suggestions that North Korea has been trading anonymously through the South Korean exchanges, and this probably is one way to combat that (among other things). I completely expected this type of regulation to come about in 2018, and fully expect most if not all developed nations to have some type of regulations in place for cryptocurrencies by the middle of the year latest.
South Korea seems to be leading when it comes to the blockchain world. It is to question how far they will put there regulations and if it will make DEXs like Bitshares more popular.
Until Atomic Swap be ready to allow p2p between 2 different cryptos. But I'm with you and I see this rules as a good thing.
"From 30th January onwards, trading accounts should match bank accounts identically." wow, that is shocking !
Not really...when it comes to money, people tend to be slack on push-back...fall in line if you want what's yours...lol...not really.
Peace.
'slack on push-back' ... there is an economic phrase that you can't push a string, just reminded me of that
So truth. ✌!
Well probably they won't ban cryptocurrencies, however i hate the fact that it's no longer anonymous. System will calculate every penny and this way will control people even more than before, i just hope that other countries won't follow S.korea
"As one of my followers suggested earlier in a comment, this whole South Korea drama could be a test run for many other nations standing on the side, looking for the best approach towards this phenomenon."
Seriously can it be this??
-CHEERS-
Hong Kong exchanges for all!!!
Wait... Hong Kong is controlled by China.
The KYC means crypto is here to stay and crypto will explode massively.
yup crypto becoming more mainstream since dec 2017 its starting to soar, 1m bitcoin accounts opened daily according to sources on reddit, amazing, goodbye fiat hello bitcoin, steem ...
@ dragosroua..It is really good news .the way you are giving a good message to the world. I love this your post. thanks for sharing followed and upvoted
thanks for sharing crypto news.
keep it up & thanks for sharing
It's a great news for korean peoples. Hope the are very happy.
To some extend this is a good news. But on the other hand Banks are being involved which is not understood. In this scenario you are staying where did you start. Bank sgould not be linked in any case. Doing this the entire phenomenon of cryptocurrency will lost. Thanks anyway dear @dragosroua.
Great post gans
Thanks for the info Asian market very important for cryptocurrencies
I too see this as a positive thing. Regulation is inevitable in order for cryptocurrencies to go mainstream.
hope that this will be a good move for the cryptosphere