According to multiple reports on Tuesday, South Korean regulators have rubberstamped the ban on anonymous cryptocurrency trading through anonymous virtual bank accounts in the country. Strictly speaking, the long-anticipated move will not allow traders to make deposits into their wallets at domestic cryptocurrency exchanges unless their names on their depositing bank accounts matches the account name at cryptocurrency exchanges.
I'm sorry but what are anonymous virtual bank accounts? Aren't banks supposed to demand you to disclose your identity before you can open an account in a bank? Or is it something which is applicable only to South Korea? If this is the case, I see nothing wrong with the Korean authorities banning the use of such accounts for crypto trading.
I believe that there was loop hole in laws which was used. For example some time ago it was possible in my country (EU) to buy MasterCards in local shops and with it came virtual bank account for this Mastercard and it was used in the same manner, for laundering money.
Regarding the Korea. I am glad that it will be sorted out , it will help market to rebound and Korea to trade soundly again.