Korbit : only Koreans can exchange crypto-currencies in the country

Korbit, the third largest company in exchange of digital currencies in South Korea, behind Bithumb and Coinone, has announced that the non-koreans will not be allowed to negotiate crypto-currencies. A new that falls after the south Korean government has attempted to put in place arrangements to regulate the market.

Foreigners are banned by the end of the month of January

In a message sent to its customers, Korbit said that foreigners will not be allowed to trade crypto-currencies on the domestic market. The team of Korbit has indicated that closing virtual bank accounts of Kookmin Bank on the trading platform as well as the prohibition of the trade of digital currencies for foreigners are part of a new policy of fight against money laundering introduced by the government of the country.

Please see below more information regarding these regulations :

Korbit has explained that in order to comply with the rules of identification and the fight against money laundering, which have been applied by the south Korean authorities, the method of deposit KRW current will be complete by the end of January 2018. Last month, CCN has reported that the south Korean government has issued four important regulations to better regulate and promote the local market of the trade of crypto-currencies. One of the four measures prohibited to foreign investors to negotiate crypto-currencies on the platforms of exchange local.

More regulation and not a ban

Last week, the south Korean government and the executive office of the president Moon Jae-In officially declared that a prohibition of negotiation of crypto-currencies would not be imposed in the short term. Rather than ban, the government has stressed that strict regulations would be put in place to ensure that the local market remains stable.

Source : Pixabay. The regulation of crypto-currencies in South Korea.

Following the declaration of the government, Kim Sang-Jo, president of the Commission for fair trade South Korea, said that the closure of the companies of trade of crypto-currencies is a decision that is realistic, given the economic impact significant as it would lead to.

Source : NCC