South Korea Imposes Fines on Anonymous Crypto Trading

It has yet to be determined how much traders will be fined for refusing to abide by the requirement
15 January 2018   768

Cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones, financial authorities said Sunday.

According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those who refuse to accede to real-name identification will face fines.

It has yet to be determined how much they will be fined for refusing to abide by the requirement.

Currently, opening anonymous cryptocurrency accounts is also banned until banks install a system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals.

Meanwhile, the Office for Government Policy Coordination said in an emailed statement on Monday that South Korea’s government will decide whether to pursue a bill to shut down cryptocurrency exchanges only after “sufficient discussions and opinion coordination” across departments.

The nation will in the meantime begin a planned real-name system for cryptocurrency accounts and take firm measures on illegal trading. It also said that South Korea will provide support to research and development relating to blockchain technology.

Poland’s Central Bank Sponsored Anti-Crypto Campaign

The Central Bank of Poland has admitted to sponsoring a smear campaign against cryptocurrencies on social networks
21 February 2018   38

According to a Polish news portal, the anti-crypto campaign was orchestrated by Youtube blogger from Poland, Gamellon. For this campaign, the Central Bank of Poland had spent 91,000 Zloty (about $27,000).

At the time of writing this article, this video has over 500,000 views and has not been marked as a paid promotion.

Gamellon used the hashtag #uważajnakryptowaluty, which stands for a website set up by the Polish government to warn users about cryptocurrencies. According to this site, there are several reasons on why users should be wary of cryptocurrencies.

Another blogger Planeta Faktów published a sponsored video on their channel titled ’10 Differences between money and cryptocurrency that you need to know’. It also has the same hashtag, #uważajnakryptowaluty. But unlike Gamellon ’s video, this one has an ‘Includes Paid Promotion’ tag at the start of the video.

There is no law against cryptocurrencies in Poland. But it is illegal to create sponsored content without explicitly mentioning it.