According to Yonhap News Agency, the Korean Financial Commission held a press conference at the Central Government Office Building in Seoul on the 23rd. During the event, they released the results of on-site investigations into virtual currencies and introduced new guidelines aimed at preventing money laundering. As part of these measures, a real-name transaction system for virtual currencies will be implemented starting from the 30th of this month, requiring users to register their identities before engaging in any transactions.
Under the new rules, foreign investors and minors, as defined by the Civil Code, will not be allowed to participate in virtual currency trading even if they complete the real-name verification process. This move is intended to protect vulnerable groups and reduce the risk of illegal activities. Additionally, banks have the authority to refuse financial services to exchanges that are deemed to pose a high risk of speculative or money laundering activities. In such cases, the bank can effectively close the exchange's account, limiting its ability to operate within the country.
For individuals who already have a virtual currency trading account, they can now directly use their bank accounts for both deposits and withdrawals. However, those who do not have a matching bank account will only be able to withdraw funds, not make deposits. This change aims to increase transparency and ensure that all transactions are traceable, reinforcing the government’s commitment to regulating the digital asset market more effectively.
The introduction of these regulations reflects South Korea’s growing concern over the risks associated with unregulated virtual currency trading. By implementing stricter controls, the government hopes to maintain financial stability while still supporting innovation in the fintech sector. Experts believe that these measures may lead to a more secure and trustworthy environment for digital assets in the long run.
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