South Korea Announces Crypto Traders Could Face Fines Under New System
The South Korean financial authorities said on Sunday that cryptocurrency traders in the country “will be fined for refusing to convert their virtual accounts into real-name ones,” Yonhap reported.
Currently, crypto traders are able to trade anonymously by using virtual accounts. However, the authorities have banned banks from issuing new ones and mandated them to install the new system “that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals,” the news outlet detailed, adding that:
People who have traded virtual currency have been told that if they refuse to check their real name, they will be penalized for depositing into an existing account,” the Kyunghyang Shinmun elaborated. Only withdrawals will be allowed from existing virtual accounts.
South Korea Announces Crypto Traders Could Face Fines Under New SystemSouth Korea first enforced the Real Name Financial Transaction System on August 3, 1993, forcing all financial transactions to be conducted under real names.
Until that time, financial transactions of large amounts between private parties were often conducted under false names or pseudonyms. In 2014, this law was revised and penalties of imprisonment of up to five years or a fine of 50 million won (~USD$47,000) were introduced.
While the amount of the fine has not been determined for violations by cryptocurrency traders, Yonhap pointed out that “In 1993, violators of the country’s real-name financial transaction system were slapped with fines amounting to 60 percent of their financial assets.”
source:https://news.bitcoin.com/south-korea-crypto-traders-fines-new-system/
I have a question, whether the State is harmed due to cryptocurrency?
and whether the crypto currency will continue to survive?
@originalworks
The @OriginalWorks bot has determined this post by @amitraj to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
Thank you @amitraj for making a transfer to me for an upvote of 2.91% on this post! Half of your bid goes to @budgets which funds growth projects for Steem like our top 25 posts on Steem! The other half helps holders of Steem power earn about 60% APR on a delegation to me! For help, will you please visit https://jerrybanfield.com/contact/ because I check my discord server daily? To learn more about Steem, will you please use http://steem.guide/ because this URL forwards to my most recently updated complete Steem tutorial?
You got a 0.54% upvote from @upme requested by: @amitraj.
Send at least 2.5 SBD to @upme with a post link in the memo field to receive upvote next round.
To support our activity, please vote for my master @suggeelson, as a STEEM Witness