CRYPTOCURRENCY TRADES BANNED IN SOUTH KOREA

It is a known fact that South Korea among the top three financial market where the bitcoins are traded. First is the US and then Japan. The step is taken to stop the virtual currencies which are being used for the crimes. They are doing this by banning the anonymous bank accounts which are used to make the transactions.

According to the regulators, this step would bring the countries financial regulations in line with that of other financial markets. The impact of such decisions by this country would be directed upon the price of the digital currency.

According to the reports, the new policy would be applicable from 30th January. The policy says that all the holders of the cryptocurrency wallets must now link them to their respective bank accounts in their respective names and need to get their identities confirmed. It is being said that the policy is similar to know ones Custome anti-crime regulation in the United States.

It is also confirmed that all the non-citizens and minor would not be allowed to invest and open such accounts in South Korea. Some officials are saying that stricter actions would be taken in the future.