As reported in late December, Korean authorities first set upon enforcing a ban
on anonymous trading of cryptocurrencies like bitcoin as a means to crack down on financial fraud, tax evasion and money laundering.
Included in these new rules was a
prohibition on anonymous trading, which meant that all traders had to undergo KYC verification before they could resume trading.
A ban
on anonymous trading took effect on Jan. 30, after which cryptocurrency transactions must be conducted via accounts attached to users» identities.
The primary factor behind Ripple's rise appears to be an uptick in trading in those South Korean markets, as it appears that more domestic traders are performing the necessary KYC compliance to resume trading following the implementation of a ban
on anonymous trading in the country.
Yeon's positive comments about Blockchain and cryptocurrencies come after a period of harsher restrictions on crypto investing and exchanges in South Korea, with the country's ban
on anonymous trading of cryptocurrencies and a false scare of an overall crypto ban making the markets dip.
Those efforts amounted to a ban
on anonymous trading accounts, which went into effect Jan. 30.
Japanese regulators are ahead of the pack on this one, and their South Korean counterparts caused Bitcoin and other cryptocurrencies to seriously plunge in the last couple months by cracking down
on anonymous trading and even threatening to shutter exchanges, China - style.
Since December, talk of an outright ban on cryptocurrency exchanges had metamorphosed into a ban
on anonymous trading.
Amid this environment of high speculation, the South Korean government has been enacting various regulations for the crypto market, like a ban
on anonymous trading that began at the end of January, or the more recent prohibition on government officials holding and trading crypto.
The comments are also in line with a new regulation imposed on South Korea's cryptocurrency trading platforms ushered in a ban
on anonymous trading accounts.
Take the example of South Korea, which has imposed a ban
on anonymous trading to restrain illicit trading and money laundering.