South Korea blockchain association announces virtual currency transparency measures

[SEOUL] A South Korean blockchain association announced on Friday measures to boost transparency in trading of cryptocurrencies, agreed by 14 exchanges in the country including the world's busiest virtual currency exchange, Bitthumb.

The association said in a statement users would only be allowed to trade virtual currency through one account after their identity has been confirmed via traditional financial institutions like banks.

The statement added virtual currency exchanges with more than 2 billion won (S$2.47 billion) worth in assets would be allowed to operate. Measures will start being imposed beginning Jan. 1 next year, it said.

REUTERS