The South Korean currency Exchange Bithumb opened registration of new users after the integration of new procedures “know-your-customer” (KYC), Coindesk reports .
At the end of December last year, the government of South Korea issued a demand to prohibit the opening of anonymous unverified accounts for users of crypto-exchange exchanges, which resulted in the development of laws and regulations, according to which at present registration on the stock exchanges of Korea must pass through the KYC procedure.
The developers of the platform Bithumb reported that, starting from February 9, users of the trading platform can identify their identity through an open account with Nonghyup Bank. The report also says that work on the integration of the verification system via Shinhan Bank will soon be completed.
The South Korean crypto exchange Bithumb was able to implement the addition of the KYC system within ten days after the official ban of anonymous virtual trading accounts in the country.
According to media reports, on January 30, 2018, new legislation was introduced in the country, developed by the Financial Services Commission (FSC), which obliges crypto-exchange exchanges to introduce a user identification procedure for platform users. Thus, for the conduct of trading on the Bithumb exchange, new users, as well as previously registered, must pass the KYC procedure without fail.
Earlier, the Yonhap news agency reported that the country’s banks can refuse to work together with small and medium-sized trading platforms on a full basis and continue to operate as part of the KYC system only with large exchanges such as Bithumb, Upbit, Coinone and Korbit.
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