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South Korean Exchanges to Transfer Data about Their Users to the Banks

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The South Korean Financial Services Commission (FSC) has announced details of the identification procedure for users of crypto-exchanges. The government plans to introduce mandatory reporting of exchanges on transactions conducted by their clients. This information will need to be transferred to the banking system. It is planned that this scheme can start working in the very near future – no later than February. As a result, the possibility of using a virtual account, with the help of which traders were engaged in cryptocurrency trading, will be excluded, while the remaining will be completely anonymous.

By the end of January, the largest commercial banks, through which transactions with cryptocurrencies are conducted, will introduce a system, in which the procedure for depositing or withdrawing funds will be possible only after checking the real user name. Thus, the creation of anonymous accounts will be temporarily suspended. FIU (Financial Intelligence Service) emphasized that the introduction of the new system will make it more effective to combat money laundering. The innovation will block the possibility of legalizing criminal capital through anonymous accounts on crypto-exchanges, the government said.

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