Gov't to require cryptocurrency exchanges to share user data with banks

Gov’t to require cryptocurrency exchanges to share user data with banks

SEOUL, Jan. 21 (Yonhap) — The government plans to require cryptocurrency exchanges to share users’ transaction data with banks, in a potential move to impose taxes on the transactions, an official at financial authorities said Sunday. Currently, financial authorities ban banks from offering virtual accounts, which are needed to sell or buy cryptocurrencies, to individual customers, the latest measure to help prevent speculative investment for virtual coins. Opening anonymous cryptocurrency accounts is also banned until banks install a system that ensures only real-name bank accounts and matching accounts at cryptocurrency exchanges to be used for deposits and withdrawals. Banks […]