As on January 30, South Korea prohibited the existence of anonymous crypto traders. The regulations stated that no deposits and withdrawals would be accepted of nameless crypto users. By doing this government succeeded in preventing Korean Fiat money to be used by some unidentified user which further eliminated loophole like utilization of this form of payment platform leading to illegal transactions. The traders could not find any way out to keep their name hidden and if they wanted to continue trading while living in South Korea then they had to accept governments terms and conditions.
With the effect of the new approach of conducting a virtual transaction, the South Korean banks executed issuing of new accounts for trading in cryptocurrency. This process was conducted by one of the countries top rated bank, Shinhan and transactions were supported by nation’s renowned exchange platforms, Bithumb and Korbit.
As per Yonhap reports, in total there are 1.74 million crypto trading bank accounts that existed in Shinhan Bank, NH Bank and the Industrial Bank of Korea. Out of these 1.74 million bank accounts, 143,300 have changed their status from unnamed to named one i.e. 8.21%.
As cryptocurrency market is facing a downfall, conversion of the bank account in such market situation shows that majority of traders involved in virtual dealings are looking forward to keeping their cryptocurrency holdings.
The speculations regarding the prohibition of cryptocurrency in South Korea was obviated even before the introduction of proposed regulation when nation’s Finance Minister Claimed that country has no intention of banning virtual currency.
Source: Applancer