South Korea to fee anonymous crypto exchange users, abandons full trade prohibition

The South Korean cryptocurrency market has recently been in turmoil. The statement of the local Minister of Justice has led the major international media to believe that this country is banning the cryptocurrency organizations soon, like China already did. After the hundreds of requests and demands sent to the government by the active citizens of South Korea, the authorities explained that this statement was not, in fact, the final decision of the whole government.

Meanwhile, the same authorities start to impose fees on those cryptocurrency traders who do not fill in their real names on cryptocurrency exchanges, the amount of such fees is currently unspecified. The KYC principle should apply to cryptocurrency organizations as well as to banks, state the authorities, and this is exactly the reason why the local Shinban Bank decided to abandon their activities connected to cryptocurrency altogether.

The digital currency markets of South Korea are important for the whole crypto world, as this country is one of the major hubs of this sphere in Southeast Asia, especially when taking into account the fact that China banned cryptocurrency exchanges, which has benefitted South Korea and other neighboring countries.