South Korea: Banks Can Issue Virtual Accounts to Crypto Exchanges

South Korea: Banks Can Issue Virtual Accounts to Crypto Exchanges

According to Korean language news site, Tokenpost, Choi JongKu of South Korea’s Financial Services Commission (FSC) believes there is no problem with banks in the country providing crypto exchanges with virtual accounts. News of the comments encouraged regional enthusiasts hoping to no longer face banking problems when dealing in digital assets.

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South Korea Regulator Says Banks Can Work with Crypto Exchanges

Chairman of the FSC reportedly commented recently, “If the exchange has a real name authentication and anti-money laundering system, there will be no problem in issuing new accounts,” according to regional news.

South Korea: Banks Can Issue Virtual Accounts to Crypto Exchanges
Choi JongKu

South Korea had long been hospitable to cryptocurrencies, but hacks, massive price dips during a bear market, have all contributed to government souring on the issue. However, the Korean street’s taste for decentralized currency seems to have not slowed, and it could be the FSC understands economic reality as it relates to revenue streams.

Tokenpost notes “1,520 employees were employed at 15 major exchanges, of which 61% were employed in research and development related to finance and IT. The tax payment on the Korea Exchange has reached about 165.6 billion won from last year to September this year.” That, and there is always a danger burdensome regulations could contract the South Korean market, meaning “if the domestic exchange is moved abroad, the major employment market and the tax base will disappear.”

Choi JongKu

Choi JongKu recently assumed office Summer of last year as Chairman of the FSC. He has been in government since the early 1980s, making his way through the bureaucracy for over 35 years in one capacity or the other. More recently he was Chairman & President of the Export-Import Bank of Korea.

Choi is also a veteran of the 2008 worldwide financial contraction, where he was Director General for International Finance Bureau. His online bio describes him in, of course, glowing terms, as having “contributed to stabilizing financial and FX markets in Korea.”

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