Home coin news South Korean Government frustrated by Cryptocurrency Traders stubbornness

South Korean Government frustrated by Cryptocurrency Traders stubbornness

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Are you aware that despite government mandated regulation on CryptoCurrency  real name account that So far, only less than 10% of crypto traders have converted their virtual accounts into real-name ones?

Summary:
According to an expect, he says that the main reason why there is this slow conversion is because Currently, customers using existing virtual accounts can continue to trade with existing funds and make withdrawals from the accounts without interruption.

  • 90% of cryptocurrency investors in South Korea remain anonymous without moving their accounts to the government-mandated real-name system. 
  • As part of the government regulations, The real-name system for cryptocurrency exchange customers was introduced instead of ban on CryptoCurrency. 
  • However, after one week, only 8.21% of all crypto virtual accounts in the country have been converted into real-name ones, local media report.
  • Six major South Korean banks have installed the real-name system. And only three of them are offering the account conversion service to cryptocurrency exchanges: Industrial Bank of Korea (IBK), Nonghyup Bank, and Shinhan Bank.
Do you think South Korean government should take another action just to make sure this regulation is well implemented? Drop your comments below and subscribe to our newsletter for more info. 

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