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South Korea introduces new system for bitcoin trading

bitcoinA man watches a screen showing the prices of bitcoin at a virtual currency exchange office in Seoul, South Korea, Tuesday, Jan. 16, 2018. Prices of bitcoin and other digital currencies have skidded after South Korea's top financial policymaker said a crackdown on trading of crypto currencies was still possible. (AP Photo/Ahn Young-joon)


South Korea introduces a new system where trade in bitcoin and other crypto currencies is registered with a buyer and that it’s possible to track.


Deputy Kim Yong-beom from the country’s finance commission says the rules will be introduced next week. They mean, among other things, that foreigners or persons under the age of 19 are not allowed to buy or sell bitcoins or other digital currencies in South Korea.

In addition, the country’s banks are required to deny customers who want to open accounts for currency exchanges, that do not have a system to report suspicious trades.

The changes will ensure that the money an investor transfers to a currency exchange comes from a bank account owned by the same person. This way, the government hopes to prevent money laundering, tax evasion and other criminal activities.

Some of the world’s largest exchanges for crypto currency trading are based in South Korea. The new regulations come after the authorities in the country announced a ban on anonymous trade and measures to halt speculative trade. The signals contributed to a sharp fall in the bitcoin prices.


© NTB Scanpix / Norway Today


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