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South Korea Will Ban Privacy Coins

19 November 2020 15:30, UTC
South Korea Will Ban Privacy Coins
By Anna Martynova

South Korean regulators ban privacy coins – since March 21, 2021, crypto exchanges in the country will be banned from listing crypto tokens such as Dash (DASH), XMR and ZEC. The country's Financial Services Commission (FSC) justified the ban on security reasons: privacy coins are often used for cybercrime and money laundering.

For the FSC, the ban on privacy coins is part of the government's efforts to combat money laundering. The step is also linked to the country's existing cryptocurrency trading laws, which prohibit anonymous accounts for users of crypto exchanges. Back in March, the South Korean parliament passed a resolution that effectively legalized cryptocurrency trading in the country. However, the new law suggested that exchanges would work with banks to ensure that "real name accounts" were used.

Several crypto exchanges in the country have already removed privacy coins from their trading lists. In September 2019, OKEx Korea removed five of these coins from the platform. In addition to the ban on privacy coins, the South Korean authorities are also working on other rules focused on cryptocurrency. In October, reports were released on plans to create the virtual asset business law.

Image: Cryptodose



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