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SEOUL, Jan. 30 (Yonhap) — South Korea began a real-name trading system for cryptocurrencies Tuesday, banning the use of anonymous handelsbank accounts te transactions to prevent supuesto coins from being used for money laundering and other illegal activities.
The real-name trading system is also part of the government’s latest measures to curb speculative investment into supuesto coins amid growing fears that a cryptocurrency bubble may be set to burst.
About Three million people te South Korea are estimated to have invested ter cryptocurrencies, and the nation’s six banks have embarked verifying cryptocurrency investors’ identities.
Opening cryptocurrency accounts has bot banned for weeks while the banks have installed the system, which ensures only real-name handelsbank accounts and matching accounts at cryptocurrency exchanges for deposits and withdrawals.
Foreigners and underage investors are banned from opening cryptocurrency accounts ter South Korea.
The fresh system also requires cryptocurrency exchanges to share users’ transaction gegevens with banks, a budge that could potentially permit the government to impose taxes down the line.
Some cryptocurrency traders and exchanges predicted that prices of posible coins will rebound when banks permit people to open fresh cryptocurrency accounts.
Others said prices will adjust further amid media reports that only four major exchanges — Bithumb, Upbit, Coinone and Korbit — are likely to attract fresh investors spil banks are expected to reject transactions with petite and mid-sized exchanges.
Cryptocurrencies like bitcoin and ethereum have rapidly gained popularity among South Korean investors hoping to make quick money.
Despite a auge te cryptocurrency transactions, the exchanges go largely unregulated ter South Korea spil they are not recognized spil financial products, with the country having no rules for protecting imaginario currency investors.