Only four Crypto Exchanges obey the requirements of the South Korean regulator

In late Sanuali, it became known about the official ban by the South Korean authorities of anonymous transactions in cryptocurrencies, which entered into force on January 30. In accordance with the requirements of the Financial Services Commission of South Korea (FSC), six banks have pledged to establish an infrastructure for creating accounts with real names. Ka neongo ia, as it turned out later, banks are not required to provide new services to clients of Cryptocurrency Exchanges.

The creation of new accounts assigned to a currency exchange is a voluntary decision of the bank,” a banking industry official told the South Korean edition of Yonhap. He explains: “'Oku faka'ilonga'i 'a e ngaahi pangike 'oku nau ma'u ha ngaahi fatongia fakalao ke ta'ofi e fo 'a e pa'anga pe ia 'e he ngaahi founga ngaue fakalotofonua: hilifakinima 'o tu'uaki mei he fakafetongi crypto, tu'unga ta'e-ue'ia 'o e polokalama 'a e, malu'i 'o e fakamatala 'o e ngaue ki he polokalama pea talangofua ki he norms fo pa'anga fakafepaki ki he Mamonga.”

'A e ngaahi pangike 'e ono 'oku lave ki ai 'anenai, pe 'e tolu – Shinhan 'a e pangikee, Nonghyup 'a e pangikee mo e pangikee Industrial 'o kolea – 'oange 'a e ngaahi fakamatala ki he kau fakatau 'a e fakafetongi 'o e Crypto. Mo e toko fa pe 'e taha 'o e 25 South Korean currency exchange exchanges changed anonymous accounts to accounts with real names. Ko ia, the new legislative requirements correspond to Bithumb, Upbit, Coinone and Korbit.

south korean Crypto Exchanges

According to Asia Economic, Shinhan 'a e pangikee, which serves Bithumb, also decided to temporarily exclude the exchange from the process of creating accounts with real names. The representative of the bank explained that this measure was taken in connection with the fact thatthe exchange is checked by the policein the case of last year’s robbery.

Small and medium-sized exchanges that provide corporate accounts, rather than virtual ones, regulate other requirements. According to the Yonhap publication, at the moment, the use of corporate accounts is allowed provided that the exchanges can fully support their obligations to prevent money laundering, as well as to confirm the identification of customers. In addition, they will be subjected tothorough checks by banks and financial authorities.” Ka neongo ia, many exchanges did not receive confirmation of new accounts and told Yonhap reporters that they would suspend transactions if the situation did not change. According to the Korean Blockchain Association, about 787,600 customers use the services of such exchanges, whose assets are currently in limbo.

Tokotaha na'a ne fa'u: Richard Abermann


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