Crypto exchanges have right for banking services in South Korea - Financial Services Commission

Posted 31 October, 2018

South Korean regulator – Financial Services Commission – stated that South Korea definitely has no regulation that would be a guideline for the banks regarding virtual account services to local crypto trading platforms.

The chairman of the Commission Choi Jong-Ku believes that if the crypto exchange fulfils all security, AML and KYC requirements, it may have the right to get services in country's banking institutions.

It is worth mentioning that crypto-to-fiat trading in South Korea requires virtual bank accounts via which users can either deposit or withdraw the won. At the same time, the virtual accounts must be verified with the real information of traders, which were used for registration on the particular platform.

Earlier, the local court in the Central Seoul determined that unilateral cancellation of the cooperation Nonghyup bank and exchange Coinis made by the former was illegal. As the platform spokesperson stated, crypto exchanges have the right for deposit/withdrawal operations in the local banks by default and thus any unexpected cancellation of the contract by the bank without providing strong reasons for such move must be considered as a violation of the agreement.

This decision of the Financial Services Commission was welcomed by the crypto market players, in partciular, South Korea-based exchanges that are members of the South Korea Blockchain Association.

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31 October, 2018 14:15

← Ernst & Young rolls out solution for private transactions

A multinational auditing and consulting company – Ernst & Young – launches brand new solution for private transactions in Ethereum. The company released the press release yesterday staying that the project called Ops Chain Public Edition is the first-ever sample of integration of zero-knowledge proof (ZKP) to the public Ethereum blockchain. The company is attempting to get a patent for this technology now. It was reported that with the new private technology the companies will become able to sell/create and manage tokens on the public network with all records staying private.

Ernst & Young rolls out solution for private transactions

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31 October, 2018 11:02

Ledger about to support stablecoins →

The producer of hardware wallets – Ledger – expressed intentions to expand the list of the supported assets with stablecoins. The company plans to add updated Tether (USDT) to all its products and services. Specifically, for now, Tether is supported by Ledger Nano and Ledger Blue, though in the long run it is planned to be added to crypto storage solutions for institutional investors. USDT token has shown dramatic fluctuations recently, but still enjoys good demand. High interest in this token is seen in South Korea and China, which can be explained by the withdrawal restrictions effective in these countries – local investors here choose fiat-linked assets.

Ledger about to support stablecoins
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