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Author Topic: [2017-12-28] South Korea Bans Anonymous Bitcoin Trading  (Read 101 times)
Rick Nolan
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December 28, 2017, 09:20:30 AM
 #1

South Korea’s government said on Thursday it will impose additional measures to regulate speculation in cryptocurrency trading.

According to the statement, the steps will include a ban on opening anonymous cryptocurrency accounts and new legislation to allow regulators to close virtual coin exchanges if needed, a measure recommended by the justice ministry.

Read more: https://hype.codes/south-korea-bans-anonymous-bitcoin-trading
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1Referee
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December 28, 2017, 01:43:34 PM
 #2

I am totally fine with it, and strictly speaking, this has been something that most of the exchanges here are already working on. It's almost impossible anymore to trade on the reputable exchanges without verification, and at a certain time, even crypto versus crypto trades will be handled all the same. If there were no regulations, we wouldn't be able to grow this large, and in order to reach this level of growth, we have to compromise with governments. They get their much wanted control, and we get our much wanted growth potential. Great thing is that people are free to make use of the various decentralized exchange platforms if they don't agree to all this. No one is forced to make use of centralized exchanges. Smiley
Snaic
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December 28, 2017, 09:19:35 PM
 #3

I'm not sure that the South Korean government is imposing such harsh measures to regulate crypto-currency. In fact, all anonymity is destroyed in transactions with the crypto currency. And this in exchange for access to exchanges and exchangers? Time will tell for what purpose the government of South Korea introduces such strict restrictions and how much they will be justified.

richardsNY
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December 28, 2017, 09:36:04 PM
 #4

Title makes the article look negative even without having read the article, but once you read it, it's just the authorities tightening their control on the crypto market. Is it bad? Not really, because exchanges have been annoying their users with verification requests for this entire year now. At first the need to verify yourself was only a necessity if you were depositing/withdrawing fiat, and now they just want to completely require people to hand over their personal information. Nothing to be shocked or surprised about considering the fact that we enter a phase where regulations are going to become more and more common.
iamTom123
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December 29, 2017, 05:26:50 AM
 #5

I am totally fine with it, and strictly speaking, this has been something that most of the exchanges here are already working on. It's almost impossible anymore to trade on the reputable exchanges without verification, and at a certain time, even crypto versus crypto trades will be handled all the same. If there were no regulations, we wouldn't be able to grow this large, and in order to reach this level of growth, we have to compromise with governments. They get their much wanted control, and we get our much wanted growth potential. Great thing is that people are free to make use of the various decentralized exchange platforms if they don't agree to all this. No one is forced to make use of centralized exchanges. Smiley

The thing is that being anonymous while being involved deep in cryptocurrency is not anymore the game we can play. The government is now requiring information from the traders because in unregulated environment the evils of human nature will flourish. This is a little bit sad but true. We should welcome regulations as the best way to weed out scam artists from doing their things here and protect the investing public from unscrupulous operators victimizing the unsuspecting people into their schemes and then maybe provide the platform to punish scammers. People who have nothing to hide and are willing t pay the required taxes have nothing to be afraid of in this new regulated environment. In the end, this can even enhance the cryptocurrency market though there can be some jitters in the start or birth pains but soon these can be forgotten when benefits of the regulations will set in. South Korea is a big cryptocurrency market that can say anytime the movement of any given coin or token so its importance is gargantuan.
MikeBtoB
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December 29, 2017, 11:35:46 AM
 #6

It is unclear what happened to them, the most advanced country and such a horrible decision for a cryptocurrency. Their decisions will give the leadership of Japan and Filipinas.

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BitHodler
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December 29, 2017, 01:03:28 PM
 #7

It is unclear what happened to them, the most advanced country and such a horrible decision for a cryptocurrency. Their decisions will give the leadership of Japan and Filipinas.
How is it a horrible decision? I wouldn't be surprised to see Japan follow as well next year. It's the time of mainstream adoption, and this mainstream adoption makes the government feel threatened, which results in these actions.

Don't forget that crypto is probably the easiest tool to use when you want to transfer value from one country to another, and that's probably the biggest nightmare for governments, which they want to prevent and localize.

This industry is no longer the innocent joke of years ago. It has grown into a multi billion industry that sooner than later will turn into a trillion dollar industry. Governments have been sleeping for years, and now they woke up.

BSV is not the real Bcash. Bcash is the real Bcash.
error08
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December 29, 2017, 01:25:11 PM
 #8

Which mean localbitcoins and other OTC platform will be banned as well?
Actually, all of the accounts which relate to exchanges require a bank account to make transaction, an exchange can verify customers id by checking their bank accounts which connected to exchanges. AML and KYC are basic things in exchanges, hence, people have to verify their id in case they want to trade in exchanges. In this case, there is no anonymous trading through exchanges, and who want to trade bitcoin without third party (exchange or escrow)?

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BigTeeths
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December 31, 2017, 03:25:11 AM
 #9

I'm in full support for that because it will avoid money laundering and drug dealing that is always what anonymous people use that are involved in crime. South Korea made a good move that will protect not just South Koreans but bitcoin also as well.
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