Cryptocurrency Regulations

입력 2017.12.29 (15:31) 수정 2017.12.29 (16:44)

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[Anchor Lead]

The government has decided to mandate the use of real name accounts in virtual currency transactions to prevent speculation, and proposed a special law that could see the shutdown of some virtual currency exchanges. The chief of the Financial Supervisory Service said that he believed the virtual currency bubble will burst.

[Pkg]

The government has announced tougher measures on the virtual currency frenzy just two weeks after it unveiled emergency measures. The stronger measures come in response to the ever-escalating speculation in the virtual currency market despite warnings against fraud and hacking.

[Soundbite] Hong Nam-ki(Minister, Office for Government Policy Coordination) : "There are concerns that market capital is being used for speculation rather than for productive purposes. The government cannot allow this abnormal situation to continue."

Starting next year, virtual currency transactions will be allowed to be performed only under real names. Currently, only the users' names and currency accounts are verified because virtual currency firms directly issue virtual accounts to their users. Under the new regulations, the use of new virtual accounts have been outlawed immediately, and existing users now have to go through a real name authorization procedure to access money withdrawal and deposit services.

[Soundbite] Kim Yong-beom(Vice Chairman, Financial Services Commission) : "Those who fail to comply and continue to conduct illegal virtual currency transactions will face strict punishment such as refusal by banks to provide any kind of payment services."

The government is also considering imposing a limit on the amount of transacted money per user. The Ministry of Justice has vowed to investigate violators under physical arrest and impose the maximum penalty allowed by law. The government has also proposed a special law on the shutdown of virtual currency exchanges. The market price of certain virtual currencies including Bitcoins plunged more than 10 percent at one point following the announcement of the new measures.

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  • Cryptocurrency Regulations
    • 입력 2017-12-29 15:07:48
    • 수정2017-12-29 16:44:41
    News Today
[Anchor Lead]

The government has decided to mandate the use of real name accounts in virtual currency transactions to prevent speculation, and proposed a special law that could see the shutdown of some virtual currency exchanges. The chief of the Financial Supervisory Service said that he believed the virtual currency bubble will burst.

[Pkg]

The government has announced tougher measures on the virtual currency frenzy just two weeks after it unveiled emergency measures. The stronger measures come in response to the ever-escalating speculation in the virtual currency market despite warnings against fraud and hacking.

[Soundbite] Hong Nam-ki(Minister, Office for Government Policy Coordination) : "There are concerns that market capital is being used for speculation rather than for productive purposes. The government cannot allow this abnormal situation to continue."

Starting next year, virtual currency transactions will be allowed to be performed only under real names. Currently, only the users' names and currency accounts are verified because virtual currency firms directly issue virtual accounts to their users. Under the new regulations, the use of new virtual accounts have been outlawed immediately, and existing users now have to go through a real name authorization procedure to access money withdrawal and deposit services.

[Soundbite] Kim Yong-beom(Vice Chairman, Financial Services Commission) : "Those who fail to comply and continue to conduct illegal virtual currency transactions will face strict punishment such as refusal by banks to provide any kind of payment services."

The government is also considering imposing a limit on the amount of transacted money per user. The Ministry of Justice has vowed to investigate violators under physical arrest and impose the maximum penalty allowed by law. The government has also proposed a special law on the shutdown of virtual currency exchanges. The market price of certain virtual currencies including Bitcoins plunged more than 10 percent at one point following the announcement of the new measures.

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