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Homepage / News January 7, 2018 68 views

Korean Government Begins Inspecting Main Banks for Crypto Regulation Compliance

Korean Government Starts Inspecting Main Banks for Crypto Regulation Compliance

Korean Government Starts Inspecting Major Banks for Crypto Regulation Compliance


The South Korean authorities will commence inspecting major banks for their compliance with cryptocurrency regulations on Monday. This move follows the regulators’ current announcement prohibiting the use of virtual bank accounts for anonymous trading.

Also read:&nbspRussian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales

Inspecting 6 Key Banks

Korean Government Starts Inspecting Major Banks for Crypto Regulation ComplianceThe South Korean Economic Intelligence Unit (FIU), below the Economic Services Commission (FSC), and the Monetary Supervisory Service (FSS) stated on Sunday, January 7, that they will jointly inspect six key banks for compliance of cryptocurrency regulation.

The inspection will take location among January eight 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 virtual accounts for anonymous trading at the end of last month, as previously reported. Financial News described:

The FIU and FSS will check whether banks have appropriately implemented their anti-money laundering obligations to operate virtual accounts…The FIU has imposed a lot more than 40 checklists on suspicious transactions, stipulating virtual currency as a ‘high risk’ transaction.

The Korea Herald commented, “It is uncommon for the two organizations to conduct a joint survey, a move that sector watchers viewed as beyond a watch on anti-income laundering measures by the banks and eventually intended to cool the overheated industry.”

True-Name System Anticipated About Jan 20

Korean Government Starts Inspecting Major Banks for Crypto Regulation ComplianceFinal week, the FSS revealed that the amount of fiat deposits at crypto exchanges as of December 12 last year amounted to two.067 trillion won [~USD$1.95 billion]. In addition, 111 virtual bank accounts had been detected at the six aforementioned banks at the finish of December, the news outlet detailed.

In an effort to finish anonymous trading, the government has prohibited banks and crypto exchanges from each issuing new virtual accounts and adding new members to existing ones, as previously explained.

The government is developing a true-name identification method which is anticipated to be introduced about January 20.&nbspJoongang Daily elaborated:

The genuine name confirmation service that banks are building by the finish of this month is a approach of allowing deposits and withdrawals only when the account of the trader who is identified and the account of [the trader at] the virtual currency exchange are the identical.

What do you consider of the government inspecting key banks for crypto regulation compliance?&nbspLet us know in the comments section under.

Photos courtesy of Shutterstock and Asia Very first.

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Published at Sun, 07 Jan 2018 17:25:02 +0000