Korea to Ban All Anonymous Cryptocurrencies
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Nov. 4, 2020

South Korea to ban all anonymous cryptocurrencies from March 2021. The Financial Services Commission of South Korea (FSC) will reportedly prohibit all digital asset service providers from serving anonymous cryptocurrencies.

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The amendments are developed as part of guidelines under the Special Payments Law, which deals with the legality of using cryptocurrencies in South Korea. The regulator will also require cryptocurrency exchanges to integrate mandatory KYC/AML policies and report on their activities.

In 2019, OKEx Korea announced it had decided to delist all privacy-focused cryptocurrencies from its platform, including monero (XMR), dash (DASH), zcash (ZEC), and super bitcoin (SBTC).

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According to the Malta-based trading platform withdrawals of privacy-focused cryptocurrencies will be available till December 10.

In the meantime, South Korea's central bank, the Bank of Korea (BoK), wants to start testing the usage of central bank digital currency in 2021. The BoK wants to examine practical distribution and circulation of CBDC in the final part of the three-step pilot program.

Previously, the regulator analyzed the potential circulation process and discussed design of the asset. The BoK will also use the blockchain technology to track digital currency transactions.

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