South Korea is the third biggest market for trading Bitcoin and other cryptocurrencies which stands in the list after Japan and US. It became a breeding ground for cryptocurrency in a very short period of time. Today it enjoys the largest market for Ether in the whole world with the market share of about 33 percent.
While this growing trend of trading these digital currencies has all the entrepreneurs’ eyes on it, the South Korean government seems to be concerned. The government has announced to bring about stricter laws for the trading and has banned the traders from using anonymous bank accounts. This came as a result of the over obsession of the South Korean citizens who have been investing ‘too much’ on these digital currencies despite continuous warnings by the policymakers.
The government and the policymakers have religiously warned the investors of the risk that involves spending on an asset which has no regulatory framework and greatly lacks oversight and transparency.
With this new law by the South Korean government the holders of these currencies must link them to their own bank account under their name with confirmed identities.