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South Korea’s FSC sets the date to ban anonymous cryptocurrency trading

South Korea’s Financial Services Commission (FSC) has set the date for barring cryptocurrency trading using anonymous accounts.

The regulator has announced new measures which will only allow accounts with real usernames to be used in cryptocurrency trading. The FSC has also introduced a guideline to prevent cryptocurrency-related money laundering.

Effective January 30, the new rule will require users to have a bank account under their real name at the same bank with cryptocurrency exchanges for making cryptocurrency transactions. Those failing to fulfill this criterion would only be allowed to withdraw money from their existing bank account.

“To make new deposits, they are required to open a new bank account at the same bank with the exchanges. These are intended to make sure banks indentify their customers and comply with their anti- money laundering (AML) obligations in cryptocurrency transactions,” the FSC said. With the real name policy coming into effect at the end of this month, existing anonymous bank accounts that have been used to trade cryptocurrencies will no longer be in use.”

Furthermore, the FSC said that on the basis of its joint investigation with its Financial Intelligence Unit (KoFIU) on six commercial banks that offer cryptocurrency trading accounts to cryptocurrency exchanges, the KoFIU has prepared a ‘Cryptocurrency-related AML Guideline’ that clarifies obligations and responsibilities of financial institutions to prevent cryptocurrency-related money laundering. The guideline has been approved by the FSC and will also go into effect on January 30.

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