[2017-01-02] South Korea Sets Date for Anonymous Crypto Trading Ban: Report

[BitcoinArsenal]

South Korea will reportedly begin implementing new regulations banning anonymous cryptocurrency exchange accounts on or around Jan. 20. Citing anonymous sources, Yonhap News reports that the efforts to clamp down on speculative investing in the cryptocurrency markets now seemingly have a hard launch date.
Full article on Coindesk

[richardsNY]

This measure has been taken out of context by the majority of the people here and on social media. It's nothing more that people need to verify themselves when signing up to whatever exchange. It's basically what we are already experiencing with an exchange as Bitstamp, GDAX, Bittrex, etc. It will be just a matter of time before we see nearly all major countries force through similar regulations. I don't see anything bad in it since I have been forced to verify myself already, and with me thousands and thousands of other people. I am sure that we'll see far more strict regulations be enforced in the coming years....

[kueyen]

I don't see how this is bad news, if anything, the South Korean government is legitimizing the exchanges as long as they enforce verification, and no one can argue that this is bad. It is great to see that governments around the world are starting to figure out how cryptocurrencies can be regulated.

[squatter]

South Korea will reportedly begin implementing new regulations banning anonymous cryptocurrency exchange accounts on or around Jan. 20. Citing anonymous sources, Yonhap News reports that the efforts to clamp down on speculative investing in the cryptocurrency markets now seemingly have a hard launch date.

Looks like the rumors were true. I'm curious to see what the final regulations look like because it's not clear if this targets just exchanges, or both exchanges and customers. For example, they may just be requiring domestic Korean exchanges to enforce KYC procedures. This would still allow customers to trade anonymously on international exchanges.

SB 1241 in the USA will go further if passed. It will make it illegal for residents to conceal or misrepresent their identity. US-based exchanges are clearly already bracing for full KYC measures if they haven't already implemented them. But this might also deter US traders from trading on international sites (like Bitfinex or Bitmex) where they would have to conceal their US residence.

I don't see anything bad in it since I have been forced to verify myself already, and with me thousands and thousands of other people. I

I don't see any emphasis on consumer protections. Just "More KYC! Passports out! More third party outsourcing of all your most precious personal information!" That's what pisses me off. Data security and identity theft are extremely relevant in this day and age, and I'm annoyed that people take it so lightly.

[vit05]

 This would push for more decentralize platform. I Think the price of Bitshare, 0X and Kyber will go to the sky as they help trade tokens and coins without the need of identifying yourself.
 You only need buy something as Monero using p2p and then nobody will ever be able to find where you are investing your money. Government will just watch but will never be able to stop.

[BitHodler]

Will we now mark out each and every regulation separately? It has been pointed out to happen in the very short term already, so this is nothing more than a formality.

I however don't think it's totally unexpected for South Korea (and directly all other nations). We know what governments are looking for when it comes to regulating the crypto market in its entirety.

They want to maintain control of the capital that could end up flowing out of the country at whatever point. It has to be pointed out that Japan itself doesn't necessarily have to worry much about it, but the fear will always be there.

China on the other hand is a country that should worry about capital outflow, which is why they have taken pretty harsh steps in an attempt to halt it. China in all aspects isn't a country people want to maintain capital.

[richardsNY]

Data security and identity theft are extremely relevant in this day and age, and I'm annoyed that people take it so lightly.

What do you expect people to do, go nuts over this? People are responsible for their own actions. If you want to operate in centralized markets that are subject to all sorts of strict regulations, then it's your own choice at the end. If people don't agree to this, which is pretty understandable, they should just stick to other ways of obtaining and selling Bitcoin. The local market in basically every country is booming, and decentralized exchanges have picked up in volume and usage as well, so there is definitely an alternative for those who don't want to fall under these regulations. Bitcoin's growth comes at a cost, and that's something we all see happening right now.

[iamTom123]

This measure has been taken out of context by the majority of the people here and on social media. It's nothing more that people need to verify themselves when signing up to whatever exchange. It's basically what we are already experiencing with an exchange as Bitstamp, GDAX, Bittrex, etc. It will be just a matter of time before we see nearly all major countries force through similar regulations. I don't see anything bad in it since I have been forced to verify myself already, and with me thousands and thousands of other people. I am sure that we'll see far more strict regulations be enforced in the coming years....

You are certainly correct. This news from South Korea has been blown out of proportions. There is nothing new with a country imposing this kind of regulation. In the past, exchanges have already implemented their own KYC protocols maybe in advance for the time when the government will be requiring members to do so. And the same thing procedure is done when someone would want to get involved with other investment tools like stocks, forex, derivatives, etc. etc. There is nothing new here...actually!

We should be welcoming such measure because this is the best way to weed out unscrupulous scammers from operating their business in the world of cryptocurrency. This is a legitimate concern that must be addressed by the government and that all participants in the industry have to seriously follow. Not to mention other serious matters like money laundering, terrorism and other illegal acts. I am not saying that there is a solid evidence for criminals really using cryptocurrency but prevention is always better than cure.

Rather than the BIG BAN, what South Korea is doing right now is something we have to thank for and not something we should be afraid. Only those people who are hiding something are afraid of the light. I know that cryptocurrency is supposedly anonymous but there is nothing we can do but do some compromise with the government because the other choice will be what is happening right now in China -- they are still into cryptocurrency but not openly.