The authorities of South Korea tightened the rules of cryptocurrencies trading on local exchanges. The innovations will come into force on January 30, Reuters reports citing the statement of the Financial Services Commission.
Now each trader must identify himself with the help of a bank account to buy or sell a cryptocurrency. In this case, the name of the owner of the cryptocurrency account must coincide with the name of the owner of the bank account, otherwise, the transactions will be prohibited.
It is also reported that six local banks will be connected to the real name registration system.
Everyone knew this was coming, as the government already said they will enforce the real-name system before. Rather, I can see this as a chance to go in, not out. I don’t see any reason to take my money out.
Bitcoin Investor from South Korea
Local bitcoin investors call the government's move expected but do not believe that it will entail an outflow of the country's crypto-currency investments.