The Financial Services Commission of South Korea (FSC) has published additional details of the system for the identification of users of stock exchange crypto-currencies based on real names this Sunday. This is written by Bitcoin.com with reference to local sources.
The new system will put an end to the practice of using virtual accounts, through which traders could trade crypto-currencies on condition of anonymity.
As the Digital Times notes, 6 commercial banks, including Nonghyup Bank, Industrial Bank of Korea, KB Kookmin Bank and Shinhan Bank, will install a new system until January 30. Initially, it was expected that the system would be installed before January 20.
After conducting the audit of the country’s 6 largest banks, the Financial Intelligence Service (FIU) has begun preparing a manual designed to combat money laundering in the field of crypto-currency. The new system will meet these requirements.
In addition, the new system will allow the government to obtain information about transactions using virtual currencies directly through banks to a certain extent.
Recall that last week, South Korean officials were convicted of using insider information when trading crypto-currencies.