The companies trade in digital currencies of South Korea, have implemented strategic changes to comply with the regulations of the government. Devices designed to regulate this market have been announced last week. In addition to preventing some customers to negotiate crypto-currencies, banks in the country have stopped issuing new virtual accounts in accordance with the requirements of the regulatory authorities in south korea.
The arrangements put in place by the government
The government of South Korea has made several announcements in December about the regulation of crypto-currency. The first was the regulatory measures of emergency, as reported by News.Bitcoins. And then, there were a few additional devices. The market for digital currency in south korea is dominated by four companies : Korbit, Coinome, Upbit and Bithumb. While the latter has long occupied the first place, the newcomer Upbit started recording the volumes of transactions more important in December. Upbit is supported by Kakao Corporation that has the chat application the most popular in the country, Kakao Talk.
Below, check out a video recounting these facts :
Following the announcements, the regulators, the four groups have started to change their terms of service. Now, it is forbidden to offer services to minors and to foreign investors. On the other hand, they do not have the right to issue new virtual accounts. They have been issued by the banks for firms to assign their customers deposits.
Minors can no longer operate in this market
Upbit was the first company to publish a notice regarding the termination of its services for minors. The age of 19 can no longer use the solutions of Upbit and the clients are minors existing have until the end of the month of December to withdraw their money on the platform.
The terms and conditions of use of Upbit have been put to days, from 14 years of age and less than 19 years, says the group. A note has also been published on the website of Bithumb, prohibiting under 19 years of age to subscribe to and use its services as of January 1st.
Source : NewsBitcoin