South Korea introduces new measures to regulate the market of crypto-currencies

The south Korean government held a meeting on Thursday to discuss measures to cope with the trend growth of crypto-currencies. The regulators have clarified the punishment of virtual accounts as well as other devices designed to put an end to anonymity.

In addition, the ministry of Justice of South Korea has suggested a measure even more drastic to regulate this sector in full expansion.

Virtual accounts at the heart of the discussion

Virtual accounts have been the main topic of the main leaders the south koreans at the meeting this Thursday. According to Yonhap, the government of South Korea has announced that they will prohibit the use of these anonymous accounts in the transactions of digital currency. This follows the previous statement of the regulators on the suppression of virtual accounts.

Here is a video explaining in detail this announcement :

Even before these measures were announced, the banks have anticipated the prohibition and already have stopped issuing new accounts virtual.

Finished the anonymity

Hong Nam-Ki, minister of the Office for the coordination of government policy, said at the meeting this Thursday that only real accounts can be used for the exchange of crypto-currencies.

This announcement follows the government’s efforts to encourage banks to identify the owners of the virtual accounts. When the regulators have published these measures, they asked the banking institutions to confirm the identity of account holders.

The measures provided for by the ministry of Justice

Despite the warnings of the south Korean government on the risks related to the exchange of virtual currency, Mr. Hong pointed out that the value of the digital currency has been steadily increasing. The ministry of Justice, who heads the working group for the establishment of a regulatory framework, has been in favor of the development of extreme measures.

Earlier this month, the department has proposed a general ban on crypto-currencies in South Korea. In addition, this proposal has not been adopted.

Source : NewsBitcoin