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.