South Korea plans to ban KYC wallets next year! Are DeFi, NFT, and DAO all separate?

According to a report by Korea's "Mainichi Industry News" on December 8, the South Korean government may prohibit users from withdrawing money from cryptocurrency exchanges for non-KYC wallets from March 2022. DeFi protocol, or DAO. This news makes CryptoQuant CEO Joo Ki-young, a Korean, perform well in Korea.

Separate your non-KYC wallet and don't access DeFi, NFT, DAO?

At the request of the Korean government, cryptocurrency companies Bithumb, Coinone and Korbit jointly announced a policy to provide financial protection solutions to comply with new FATF rules and regulations. .

Daily Business Daily reported that Coinone CEO Cha Myung-hoon announced the launch of CODE. In other words, in the future in Korea the government will be clear on information exchange, but all wallets that do not require KYC, such as Metamask and Terrastation, will be destroyed.

By special law, all exchanges must comply with FATF rules from March 25 next year, otherwise they will not be operational.

Joo Ki-young, CEO of chain analysis firm CryptoQuant, reposted the news on his Twitter account saying: Korean government: No exceptions. All wallets must be KYC. Hello Korea!

Can Strong South Korean Crypto Policies Catch Investors?

As previously reported, the South Korean government has required all Virtual Home Service Providers (VASPs) to register with the Financial Institutions Authority (KoFIU) during September 24 of this year, or they can close their business.

With just four exchanges, with Upbit, Bithumb, Coinone and Korbit respecting the status quo, the remaining exchanges were closed and, in October alone, at least 37 exchanges were closed because they were not allowed to operate. .

South Korea is also known to have imposed a mandatory 20% investment tax on cryptocurrency investments, a high tax rate that has scared many investors. Government and interference extended until 2023

But how the new law will be implemented is a big question, as the law cannot cover the facts and, for example, Koreans can withdraw money to international exchanges.