Banks of south korea will accept exchanges of crypto-currencies if they have access to users ‘ data

The south Korean government announced that six major banks would be willing to provide services to the foreign exchange market of crypto-currencies before the end of this month. But this requires the implementation of a new system. One knows the intransigence of the South Korea, concerning the regulation of crypto-currencies.

The Financial Services Commission, Korean/photo Credit : Business Korea

Sharing of data, the sine qua non

In the new system, the government will ask for the platforms to exchange crypto-currencies share the user data with the banks. The Korean Committee of the financial services (FSC) has unveiled a few more details about the new system. “The government will require that the platforms in question share the data of users’ transactions with the banks, ” said a responsible person within the FSC. He also pointed out : “banks will have to quickly integrate the system, which will require a full collaboration platforms to exchange crypto-currency for that they share the data of transactions with banks by the end of the month or at the latest, at the beginning of the next month. “

Logo Shinhan Bank/Source : Steemit

A system which makes mandatory the use of the actual accounts

This new system will end the current practice of the use of virtual account to make transactions anonymous crypto-currencies. These accounts are issued by banks so that customers can use to buy or sell crypto-currencies on different platforms. The regulators have banned financial institutions from issuing new virtual accounts until the new system is put in place. This is to ensure that “only the bank accounts, real can be used for deposits and withdrawals. Among the six banks which have accepted this agreement, we find the Nonghyup Banl, the industrial Bank of Korea, KB Kookmin Bank and Shinhan Bank. They will implement the system from the 30th of January next year.

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