THELOGICALINDIAN - There are reportedly added than 100 exchanges in South Korea best of which are not application the governments realname arrangement None of the baby and mediumsized exchanges can use this arrangement back banks accept autonomous to alone accommodate this account to the countrys better exchanges
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30% Conversion Rate
It has been over 100 canicule back the government’s real-name arrangement was implemented at the end of January. However, best crypto affairs are still not fabricated through this system. All baby and medium-sized exchanges abide to transact through accumulated accounts. Business Korea elaborated:
According to Yonhap News, the conversion rate of the real-name arrangement is currently alone 30%.
While six banks are able with the real-name system, KB Kookmin and KEB Hana Bank are not arising real-name accounts to any exchanges, the advertisement conveyed. Shinhan Bank additionally has not issued them for Bithumb, citation that the barter “has not yet implemented the recommendations of the Korea Communications Commission afterwards the hacking incidents.”
Real-Name System Ineffective
Banks accept so far autonomous to alone accessible real-name accounts for the country’s better crypto exchanges: Upbit, Bithumb, Coinone, and Korbit.
All added exchanges are not application real-name accounts; they are still application accumulated accounts for crypto trading. It has been said that the use of such accounts leads to problems such as with Coinnest whose CEO was answerable with embezzlement.
However, on Friday, Upbit was also investigated by the Korean prosecutors for declared artifice alike admitting banks are accouterment the real-name account to the exchange.
Nonetheless, with all baby and medium-sized exchanges larboard out of the real-name system, “Some watchers doubtable that the banking authorities are gluttonous to accumulate above exchanges, mainly the big four, in operation, killing added baby and mid-size exchanges,” the account aperture noted, adding:
“Under the accepted law, the banking authorities are not empowered to administer cryptocurrency exchanges so they alongside audit the absolute altitude through banks,” Business Korea described. The regulators accept again explained that banks adjudge themselves whether to accessible real-name accounts for cryptocurrency trading. However, banks can be accountable to anti-money bed-making obligations and can be assiduously advised if problems arise. A coffer official was quoted as saying:
New Exchanges Proliferate
Without administration the use of the real-name system, the advertisement acicular out that “the banking authorities themselves are abrasive the purpose of the real-name arrangement which is advised to advance accuracy in cryptocurrency trading,” adding:
According to cryptocurrency industry sources, “there are over 100 cryptocurrency exchanges in South Korea, including those that are advancing to alpha [the] business,” the advertisement detailed, acquainted that there were about 60 in January back the absolute name arrangement was appear and 40 added accept emerged back then. Foreign crypto exchanges accept additionally opened up in the country such as Huobi and Okex.
What do you anticipate of the real-name system? Do you anticipate Korea has too abounding exchanges? Let us apperceive in the comments area below.
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