THELOGICALINDIAN - The South Korean authorities will alpha analytical above banks for their acquiescence with cryptocurrency regulations on Monday This move follows the regulators contempo advertisement prohibiting the use of basic coffer accounts for bearding trading
Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales
Inspecting 6 Major Banks
The South Korean Financial Intelligence Unit (FIU), beneath the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS) said on Sunday, January 7, that they will accordingly audit 6 above banks for acquiescence of cryptocurrency regulation.
The analysis will booty abode amid January 8 and 11. Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank (KDB), and Industrial Bank of Korea (IBK) will be inspected.
This move follows the government’s clampdown on the use of basic accounts for bearding trading at the end of aftermost month, as news.Bitcoin.com ahead reported. Financial Account described:
The Korea Herald commented, “It is attenuate for the two organizations to conduct a collective survey, a move that industry watchers beheld as above a watch on anti-money bed-making measures by the banks and ultimately advised to air-conditioned the overheated market.”
Real-Name System Expected Around Jan 20
Last week, the FSS revealed that the bulk of authorization deposits at crypto exchanges as of December 12 aftermost year amounted to 2.067 abundance won [~USD$1.95 billion]. Furthermore, 111 basic coffer accounts were detected at the six above banks at the end of December, the account aperture detailed.
In an accomplishment to end bearding trading, the government has banned banks and crypto exchanges from both arising new basic accounts and abacus new associates to absolute ones, as news.Bitcoin.com ahead explained.
The government is developing a real-name identification arrangement which is expected to be alien about January 20. Joongang Daily elaborated:
What do you anticipate of the government analytical above banks for crypto adjustment compliance? Let us apperceive in the comments area below.
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