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Privacy Cryptocurrencies Fall under the Limit in South Korea

5 November 2020, 17:55
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Even though the latest cryptocurrency news informed about the adoption of digital assets by South Korea, now the country decided to ban some of the currencies. New measures appeared on the basis of the Anti-Money Laundering (AML) policies and Know Your Customer (KYC) approach, which are doubting privacy crypto assets. The Login Casino team reviews preconditions and outcomes of this decision.

Privacy Cryptocurrencies Fall under the Limit in South Korea

South Korea is one of the first countries that added cryptocurrencies to the national financial system. Exchange providers received the full support of the government to trade all kinds of registered digital assets at the beginning of this year.

However, the South Korean Financial Services Commission (FSC) became vulnerable because of the uncertainty of some of the digital money. The FSC is going to require from the exchange platforms compliance with KYC and AML that are already implemented in the country's financial system.

What cryptocurrencies will be banned?

One of the biggest Korean exchangers added BitTube, Zcash, Monero, PIVX, Dash, and Haven to the suspicious currencies list. Another popular exchange provider OKEx decided to exclude Zcash, Monero, Dash, Super Bitcoin, and Horizen. However, there is no final list of the currencies that will be delisted as the new regulation comes in September of 2021.

By this time, the state's Internet Promotion Agency is going to develop and launch AI-driven software that will be tracking crypto transactions over the darknet. Authorities are warned that this hidden way of exchanging digital assets is rather popular in the country and leads to the population's higher risks during financial transactions.

Read more: Why are blockchain stocks in demand right now?

Read moreCompare the 2020 Bitcoin price prediction with the recent situation

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