South Korean banks to resume registration of accounts for cryptocurrency trading
New rules for trading cryptocurrencies in South Korea take effect on January 30. At the same time, 6 banks will start registering new accounts that meet the customer identification requirements (KYC). Writes about this CCN with reference to local sources.
According to their information, South Korean regulators continue to implement policies aimed at combating anonymous cryptocurrency trading carried out using virtual accounts. From now on, traders will not be able to make deposits on Korean exchanges if the name of the bank account holder does not match the name of the account holder on the trading platform.
All 6 banks serving cryptocurrency exchanges will start registering new accounts next Tuesday. On the same day, all virtual accounts will be closed, said the vice chairman of the Commission on financial services of South Korea (FSC) Kim Yong-Beom.
Banks that will serve cryptocurrency traders include NH Bank, Industrial Bank of Korea and Shinhan Bank, the country’s second largest bank..
In addition to the requirement to register new accounts, the government obliged cryptocurrency exchanges to transfer information about transactions made on their platforms to banks. This move is expected to limit speculative investment in the cryptocurrency space..
In addition, today’s speech by the Deputy Chairman of the FSC may indicate that the South Korean authorities still abandoned the idea of a complete ban on exchange trading in cryptocurrencies in their jurisdiction..
“No one, including the government, can act as a guarantor of the value of cryptocurrencies,” he said, warning investors about the risks that will remain in the conditions of functioning of cryptocurrency exchanges. “Given their high volatility, please be careful when making investment decisions.”.
According to Yonhap, the country’s largest exchange Bithumb hails the government’s policy towards cryptocurrency trading.
“We will contribute to building a more transparent and healthy system based on the platform using real names,” said a representative of the exchange..
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