THELOGICALINDIAN - South Korean regulators accept appear a plan to ban banks from activities involving cryptocurrencies bidding above banks in the country to acknowledge they will no best affair accounts appropriate for crypto trading South Koreas top bitcoin exchanges are all accomplished including Bithumb Coinone and Korbit Banks that accept fabricated announcements accommodate Shinhan Bank Korea Development Bank and Industrial Bank of Korea
Also read: South Korea Clarifies Position After Reports of Possible Ban on All Crypto Transactions
Crypto Ban Planned for Banks, Minors, and Foreigners
The South Korean government has been captivation affairs circadian to altercate cryptocurrency regulation. On Wednesday, bounded publications appear that the regulators are planning to ban banks from activities involving cryptocurrencies. According to AFP:
In addition, Korea Herald reported that “banks in Korea that accommodate basic coffer accounts for cryptocurrency trades will accept to verify the identification of annual holders back creating new ones,” according to the plan. Furthermore, the regulators plan to ban amateur and foreigners from both trading in cryptocurrency and creating coffer accounts in the country.
Virtual coffer accounts are issued by acceptable banks for barter of cryptocurrency exchanges. A chump absent to alpha trading at a crypto barter charge aboriginal accessible a basic coffer annual and drop money into it. All above Korean exchanges, including the country’s better bitcoin barter Bithumb, crave barter to accessible basic coffer accounts afore trading. The Kyunghyang Shinmun described:
Banks Ditching Crypto Accounts
Wednesday’s advertisement marks the aboriginal time the regulators accept activated restrictions on basic coffer accounts.
The country’s above state-run and bartering banks anon responded by announcement that they will stop arising new basic coffer accounts for cryptocurrency exchanges. Some are alike abandoning absolute accounts, Arirang News reported, abacus that:
If a coffer closes an exchange’s basic coffer accounts, again “it is fundamentally absurd to advertise and buy basic currencies through the bank,” Business Korea noted.
Major Banks Jumping Ship
Among the banks that accept absitively to stop arising basic accounts are Shinhan Bank, Korea Development Bank (KDB), Industrial Bank Of Korea (IBK), Woori Bank, KB Kookmin Bank, and KEB Hana Bank.
Shinhan Bank, which issues basic accounts for Bithumb and Korbit, will not affair new basic accounts but will not abolish absolute accounts, according to the Kyunghyang Shinmun. In November, news.Bitcoin.com reported on the coffer ablution a cryptocurrency aegis service.
The state-run KDB which issues basic coffer accounts for Coinone announced that it will “stop all the businesses accompanying to cryptocurrency transactions, including bitcoin, from January abutting year,” Business Korea appear on Wednesday.
Woori Bank which issues basic coffer accounts for Korbit is demography the aforementioned access as KDB. The coffer will abolish absolute basic accounts as able-bodied as append arising new ones. IBK Bank, KB Kookmin Bank, and KEB Hana Bank accept all chock-full arising basic accounts.
At the time of writing, Nonghyup Bank has not fabricated an advertisement apropos the matter. According to the Investor publication, this coffer provides basic annual casework to several exchanges including Bithumb, Coinone, and Korbit.
What do you anticipate of the South Korean government’s plan to ban banks from ambidextrous with cryptocurrencies? What do you anticipate will appear to the Korean crypto market? Let us apperceive in the comments area below.
Images address of Shutterstock, Shinhan Bank, Nonghyup Bank, IBK, Woori Bank, KB Kookmin Bank, KEB Hana Bank, and KDB.
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