South Korea's Financial Services Commission vice-chair Kim Yong-beom (centre) speaks at the government complex in Seoul on Tuesday. Once the new system is in place, existing accounts used for cryptocurrency trading up to now can no longer be used, he said. Authorities are seeking to prevent use of cryptocurrency trading to engage in money laundering, tax evasion and other criminal activities. Banks will be able to refuse to open accounts with cryptocurrency exchanges that do not disclose information about suspicious trading. It gyrated wildly earlier this month, soaring and then sinking on concerns over now South Korea and other governments might handle the boom in cryptocurrency trading.

Source: Bangkok Post January 23, 2018 07:30 UTC