Korean Government Firm on Crypto KYC Mandate in Petition Response

Source : Korean Government Firm on Crypto KYC Mandate in Petition Response
South Korea has doubled down on its commitment to eliminating the use of cryptocurrency in illicit financial activities, while expressed a will to foster the country’s blockchain development. In a video published today, Hong Nam-ki, head of the office for government policy coordination, said the government is taking a strong stance in bringing transparency to domestic cryptocurrency exchanges. Hong’s response comes as the government’s formal response to a petition opposing a severe clampdown on South Korea’s cryptocurrency trading platforms. According to the South Korean president’s website, the petition has gathered over 280,000 signatures meaning the government was obliged to provide a formal response. As reported , South Korea’s different governing bodies voiced contradictory comments on regulating cryptocurrency trading in South Korea – with a ban on exchange-based trading even being proposed in some quarters. Yet Hong’s video today, perhaps, indicates that instead of banning cryptocurrency trading, the government is focusing more on a strict implementation of anti-money laundering activities for the time being. “At the moment, the government places a priority on transparency of virtual currency transactions within the framework of current law. Undesirable things occurred during the check-up process, such as money laundering through an unconfirmed virtual account or, in […]
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