One of the major selling points of cryptocurrency is that it is totally anonymous. Now South Korea has announced that it is banning anonymous cryptocurrency trades.
The country is doing this to stop cryptocurrency being used by criminals and will stop things like money laundering with the digital currency.
South Korea is apparently the world’s third largest trading market for Bitcoin and other digital currencies, behind Japan and the US. These policy changes have had a negative effect on Bitcoin and other digital currency prices since they were announced.
From the 30th of January 2018 these new rules will come into place in South Korea and will mean that cryptocurrency exchanges will have to vet their users for money laundering. This is similar to the Know Your Customer rules in the US.
There will also be restrictions out on foreign cryptocurrency investors and underage investors using the South Korea exchanges.
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