South Korean authorities will fine traders who did not identify their identity

[Elermanus]

South Korean authorities will fine traders who did not identify their identity

In an official statement, South Korean authorities warned that serious fines will be foreseen for all traders who do not undergo additional identity identification

At the moment, on the territory of the country, crypto traders have the opportunity to make anonymous trading on exchanges with the help of virtual accounts in banks. But this year in the country came into force new legislation that prohibits banks to create anonymous virtual accounts. Now, South Korean authorities warn all traders who already have virtual accounts, they must pass the identification of the person otherwise they will receive large fines. In addition to a large fine of 47 000 dollars, they may face imprisonment for up to 5 years.

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[TheCoinGrabber]

Seems fair enough, they'd really want to make sure the money isn't being funneled out of the country since there has been reports that money from exchanges are being sent to North Korea. Besides if the money is coming out of banks, it is to be expected that sooner or later the government would step in to regulate it. It's the price to pay for trading there.

[yoseph]

South Korean authorities will fine traders who did not identify their identity

In an official statement, South Korean authorities warned that serious fines will be foreseen for all traders who do not undergo additional identity identification

At the moment, on the territory of the country, crypto traders have the opportunity to make anonymous trading on exchanges with the help of virtual accounts in banks. But this year in the country came into force new legislation that prohibits banks to create anonymous virtual accounts. Now, South Korean authorities warn all traders who already have virtual accounts, they must pass the identification of the person otherwise they will receive large fines. In addition to a large fine of 47 000 dollars, they may face imprisonment for up to 5 years.

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I think that's a very good compromise on the part of the South Korean government and i am sure they wanted to regulate it so that they would be able to tax it so that they can make money out from it..

[StefanPLU]

South Korean authorities will fine traders who did not identify their identity

In an official statement, South Korean authorities warned that serious fines will be foreseen for all traders who do not undergo additional identity identification

At the moment, on the territory of the country, crypto traders have the opportunity to make anonymous trading on exchanges with the help of virtual accounts in banks. But this year in the country came into force new legislation that prohibits banks to create anonymous virtual accounts. Now, South Korean authorities warn all traders who already have virtual accounts, they must pass the identification of the person otherwise they will receive large fines. In addition to a large fine of 47 000 dollars, they may face imprisonment for up to 5 years.

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Good solution, rather than ban trading, that would have been bad news I guess. They want to make sure that money does not get into the wrong hands and also for sure
cash in on the boom (Capital Gains Tax). I think its the best solution and good news indeed.