Crypto-Traders Defy South Korea; Remain Anonymous

Despite the requirement made by the South Korean government for all crypto-traders to move their anonymous accounts to real name systems, there has been a very low compliance rate of about 10%. Below is the run down of the issue;

  • The South Korean government introduced certain crypto-currency regulations among which the real name systems belong.
  • The real name system is expected to replace the existing virtual accounts, which allows for the anonymous trading of cryptocurrency.
  • There has been a very low response to the system as only about 8.2% as at time of writing have complied.
  • Six Major Banks in South Korea have installed the real name system, with only three offering account conversion services.
  • Regulators say this requirement is aimed at being able to confirm the identity of users and to fulfill their anti-money laundering obligations
  • The International Bank Of Korea is the Bank with the highest conversion rate with 71,000 conversions out of 570,000 accounts available for conversion by it.

What do you think about the regulation? Will South Koreans comply? If you were a South Korean, would you comply? Do you think this defeats one of the major reasons for discipleship to cryptocurrencies? Please let us get your views in the comments section below and subscribe to our newsletter for quick cryptocurrency news and yeah, like our Facebook Page Mntrends Blog

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