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South Korea to start real-name trading of crypto currency

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South Korea to start real-name trading of crypto currency

SEOUL, South Korea (AP) — South Korean says local banks will launch a real-name system for crypto currency trading, requiring transactions to be traceable. Financial Services Commission Vice Chair Kim Yong-beom said Tuesday that the new measures that take effect next week will prevent foreigners and minors under age 19 from buying or selling bitcoins and other digital currencies. The move is aimed at preventing use of crypto currency trading to engage in money laundering, tax evasion and other criminal activities.

The new rules call for banks to refuse to open accounts with crypto currency exchanges that do not disclose information about suspicious trading.

South Korea is home to some of the world's largest crypto currency exchanges and a craze for bitcoin and other crypto currencies has swept the country.