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   1066

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.

German Exchange to launch Bitcoin Products

Deutsche Boerse, the Frankfurt Stock Exchange holder, is deciding about the providing cryptocurrency products
24 May 2018   77

Reporting in London on Wednesday, at a significant event of the sphere, Jeffrey Tessler (the firm's chief of customers, products and core markets), declared: "We are deep at work with it." Nevertheless, any move into the crypto space from the stock exchange might not be forthcoming fast. When CME Group and Cboe Global Markets both started bitcoin futures trading last December, Tessler further claimed during the event that Deutsche Boerse is "not at the same stage." According to his point of view, the company is attempting to understand the volatility of the bitcoin market first and insuring clients and regulators are "in line" before stepping ahead with any offerings.

Whilst a move into offering bitcoin products is not definite, the exchange has already been active in the blockchain field. Deutsche Boerse unvealed details to CoinDesk about its plan to move the majority of its post-trade services to a blockchain last June. It affirmed at the time that it was interested in building a system, using Hyperledger's open-source Fabric protocol, in order to transfer securities and move commercial bank money, while still undertaking cross-jurisdictional compliance with regulators.

Also, as recently as March, the group declared it wish to deploy a platform for more operative securities lending using R3's Corda blockchain tech.