South Korea: Cryptocurrency Regulations Come Into Play, Price Responds Negatively

New rules regarding cryptocurrency have come into effect today in South Korea. The legislation seeks to tackle money laundering and to bring the space in line with banks’ KYC (know your customer) obligations. The regulations were set out in a document published on January 23. It stated that only those using real-name bank accounts would be permitted to trade cryptocurrencies. The date given for the change was January 30. According to the document, the new measures would:
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