Banks in The South Korea will provide services to cryptocurrency exchanges.

Marcin Iwański
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30th of January, six major banks, including Industrial Bank of Korea, Shinhan Bank and Nonghyup Bank in South Korea will introduce the new system, The system requires cryptocurrency exchanges to share personal information about users.

 

Sharing data

The new system will allow banks to collect users data from exchange markets. This procedure will end “no-name user” era. Now, it is possible to use a virtual account which allows anonymous trading of cryptocurrencies. New regulations will block possibility of creation new virtual accounts until the new system will start.

It will change, for example, that only real-name accounts which match with cryptocurrency exchanges will be able to deposit or withdrawal deposits.

 

Restrictions

Six major banks in South Korea which support cryptocurrency transactions will have to follow restrictions from the Financial Intelligence Unit. New anti-money laundering guide is related to cryptocurrencies. It will be expected to block illegal assets from money laundering. The new system will allow the government to collect transaction information and, because of that, speed up taxation based on information received.

As they said, it is impossible to ban cryptocurrency exchanges, but they want to secure government and investors as well. Money laundering can be a serious issue in digital assets.

Good thing that officials want to do something to stop it.

 

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