Business of crypto-currencies in south korea, share their data with the banks

The south Korean authorities have announced that six major banking institutions would be willing to offer their services to companies that trade in digital currencies this month. The government of the country is still searching for a solution to enable the sharing of data.

Source : Pixabay. Stop the emission of virtual accounts related to the business of crypto-currencies in South Korea.

Data exchange with banks

The FSC has provided additional information on this identification system for the virtual accounts. The government plans to require companies to crypto-currencies to disseminate the transaction data of the users to the banking institutions. An official at the FSC said that banks should soon introduce the system, which will require businesses to trade in share users ‘ data with these institutions, at the end of the month of January or in early February.

You can see below more detailed information regarding this announcement :

The implementation of this system will allow to stop the trade in anonymous crypto-currencies. In fact, the use of a virtual account will no longer be possible. Banks provide these accounts in order to help the actors operating in this sector to exchange digital currency with stock exchanges. The financial institutions will not be allowed to use these virtual accounts.

6 banks in south korea are going to introduce this new system

The announcement of the FSC indicates that six commercial banks – the Shinhan Bank, KB Kookmin Bank, the industrial Bank of Korea and Nonghyup Bank – will use this new system from the 30th of January. Originally, this device should be put in place on 20 January. This service is intended for users of virtual accounts and existing ones, said the spokesman of the regulatory body.

This measure was taken in order to combat money laundering. It will also allow the tax authorities of south korea to follow the local investors operating in this sector.

Source : NewsBitcoin