[2018-01-15] South Korea Imposes Fines on Anonymous Crypto Trading

[Rick Nolan]

Cryptocurrency investors in South Korea will be fined for refusing to convert their virtual accounts into real-name ones, financial authorities said Sunday.

According to the authorities, cryptocurrency traders will be allowed to convert their virtual accounts into real-name ones within this month, but those who refuse to accede to real-name identification will face fines.

It has yet to be determined how much they will be fined for refusing to abide by the requirement.

Source: https://hype.codes/south-korea-imposes-fines-anonymous-crypto-trading

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[Snaic]

First, the government of South Korea explained the restrictions imposed by the need to prevent persons under the age of 19 from trading with crypto currency. Apparently, it still explains the imposed restrictions just this. However, in fact this is a complete identification of the individual when trading with crypto currency and no anonymity under such rules can no longer be. This is contrary to the principle of the functioning of the crypto currency, however, apparently, such claims, violating the right to anonymity, will be introduced later by many states.

[Carlton Banks]

Are under 19's banned from using cash in South Korea? No?

What possible reason could the South Korean gangster-ment have for stopping kids from using cryptocurrency anyhow? Not that much different to the reasons to make draconian rules for adults: the "wrong" people are becoming wealthy. Can't have just anyone making money in a protection racket, after all.

Newsflash: kids are gonna be even more incentivised to break these "rules", and even more capable of doing so than the adults.

[1Referee]

This is contrary to the principle of the functioning of the crypto currency, however, apparently, such claims, violating the right to anonymity, will be introduced later by many states.

This could have been seen coming a long time ago already. The main thing to note here is that Bitcoin is jumping into governmental territory, and as per themselves, every entity, tool, asset, or whatever, has to abide by their rules, even if it doesn't make sense for the outside world. That's why I am not so shocked about this, and yes, I do expect this to be a requirement in every country within a few years. However, we all have the option to not agree with all these control freak behavior regulations by making use of peer to peer markets. If we look at how much volume there is available in these peer to peer markets, it is clear that a lot people have already made the shift away from the centralized exchanges. It will go even so far, that exchanges will be forced to hand over every bit of precious user information to the respective tax authority of each country. It certainly makes you think.

[IconFirm]

This is so funny.  How do they expect to fine someone when they don't know who they are exactly?  Guess?

"Tell us who you really are or we'll fine you Mr/Mrs Anonymous"  LULZ

Crypto for the win.

[aso118]

This is so funny.  How do they expect to fine someone when they don't know who they are exactly?  Guess?

"Tell us who you really are or we'll fine you Mr/Mrs Anonymous"  LULZ

Crypto for the win.

They will probably ask exchanges to 'freeze' the accounts of all those who do not comply with know-your-customer regulations. The action will probably shift from South Korea to some offshore exchanges. There is no way the South Korean government can prevent its citizens from accessing foreign exchanges.

[IconFirm]

This is so funny.  How do they expect to fine someone when they don't know who they are exactly?  Guess?

"Tell us who you really are or we'll fine you Mr/Mrs Anonymous"  LULZ

Crypto for the win.

They will probably ask exchanges to 'freeze' the accounts of all those who do not comply with know-your-customer regulations. The action will probably shift from South Korea to some offshore exchanges. There is no way the South Korean government can prevent its citizens from accessing foreign exchanges.

That's not a fine then & has been going on for ages......

[J. Cooper]

Are under 19's banned from using cash in South Korea? No?

What possible reason could the South Korean gangster-ment have for stopping kids from using cryptocurrency anyhow? Not that much different to the reasons to make draconian rules for adults: the "wrong" people are becoming wealthy. Can't have just anyone making money in a protection racket, after all.

Newsflash: kids are gonna be even more incentivised to break these "rules", and even more capable of doing so than the adults.

Of course they aren't banned from using cash under 19. They'll try to oppose everything that seems like a threat to them, even in the slightest manner. What's funny is the reasoning they tend to give when explaining such a ban. They allegedly want 'to protect' the youth from those dangerously volatile cryptocurrencies. But instead they're endangering the youth even more because they will have to go to a lot less secure environments to get their crypto.

[Carlton Banks]

They allegedly want 'to protect' the youth from those dangerously volatile cryptocurrencies. But instead they're endangering the youth even more because they will have to go to a lot less secure environments to get their crypto.

This is a good point. There will still be relatively safe ways for kids and young adults to obtain Bitcoins, but not necessarily all will take those options (many of the safer online ways probably won't be practical for accessing anything except low quantities of BTC)

I hope governments will learn to give up eventually. Because they're demonstrating already that they're willing to put people in danger in order to maintain control of the monetary system.