Bitcoin Plummets as South Korea Bans Anonymous Transactions | White & Case LLP International Law Firm, Global Law Practice
Bitcoin Plummets as South Korea Bans Anonymous Transactions

Bitcoin Plummets as South Korea Bans Anonymous Transactions

Bitcoin and other cryptocurrencies remain hot topics among investors, but recent regulatory rulings have contributed to big price drops and raised questions about their long-term viability. South Korea, one of the largest hubs for cryptocurrency activity, announced that it would ban all anonymous cryptocurrency transactions and require banks to tie real names to all trading. The ban attempts to prevent cryptocurrencies from being used as money laundering fronts and a way to dodge taxes.

London-based White & Case partner Jonathan Pickworth said: "Blocks on cryptocurrency transfers are symptomatic of an increasing focus on money-laundering by the authorities and, consequently, financial institutions. Digital currencies are an attractive vehicle for financial crime because of their relative opacity which tends to make it easier to launder huge sums of money around the cryptosphere without detection." Click here to read more (paywall).