Korbin said that at the end of the month non-Koreans will not be able to operate with Bitcoin and cryptocurrencies

Korbit is the third most important Exchange of Bitcoin and cryptocurrencies of South Korea, behind Bithumb and Coinone, has just announced that non-Korean citizens or foreigners, will not be able to deposit capital in the Korean won Exchange of the country.

South Korea wants to improve security measures, to prevent money laundering and illicit activities based on the Bitcoin and cryptocurrency market. The Korbit exchange house has just sent a message to customers, informing them of the most recent changes. 'Please note, however, that non-Korean citizens, both resident and non-resident, may not deposit KRW in any domestic cryptocurrency bag when the new KRW deposit method is implemented. We will give more explanations through an individualized message.

The Korbit team has indicated that the closure of the virtual bank accounts of Kookmin Bank, in the commercial platform together with the prohibition of the trade of cryptocurrencies for foreigners, is a new policy of money laundering, which the government of Korea wants to install. South. 'To comply with the government's anti-money laundering and identification regulations, the current KRW deposit method will end at the end of January.

It is not a novelty, since last December 14, the government of South Korea, already issued four regulations for the improvement in the regulation and the promotion of the local market of cryptocurrencies. One of the four rules was to prevent foreign investors and minors from operating with fiduciary money on local platforms. It seeks to block foreign investors, due to the premium that South Korean exchange houses have with respect to other markets. Recently, CoinMarketCap has stopped using the values ​​of the South Korean Exchange to calculate the average value of cryptocurrencies.

The prices of cryptocurrencies in that market are about 15% higher than the world average, something that affects the rates of cryptocurrencies and attracts the eyes of foreign investors. Initially the restriction had to come into force before January 20, but in the end it has been given, as Korbit says, until January 31.

The Minister of Justice assured that he wanted to outlaw the cryptocurrencies, but the president of the executive office, Moon Jae-in, has said that no prohibition will be imposed on the market of short-term cryptocurrencies. The government makes it clear that the only thing they will do is to regulate the market in a conscientious manner, so that everything is stable and regulated. Kim Sang-jo, Chairman of the Fair Trade Commission, said that it was neither realistic nor possible to close exchanges and make cryptocurrencies illegal.