3 Shares 2476 Views

Korean Banks Will Allow Crypto Trading Again and Opens Account Registration

January 23, 2018
3 Shares 2,476 Views

Big thanks for user BluntMFer for translating article. Please consider possible grammar issues. We do our best to give readers the basic understanding what is going on.

Next Week – Game is On

(Seoul-Yonhap News) Park, Yong-joo, Park, Ue-rae, reporter – Real name registration system that permits virtual currency trading only for those whose identity is confirmed will be implemented on the 30th of this month.

From this point on, new investments in virtual money are allowed, but it is likely that more stringent standards will be applied in the process of confirming identity.



According to the financial authorities, banks and virtual money traders on the 23rd, six banks including Nonghyup Bank, Shinhan Bank and Shinhan Bank, which are providing virtual currency exchanges and virtual accounts, starts trading and new account registrations.

‘The six banks are planning to open the system at the same time.’ – said an official from the banks and virtual currency exchanges.

Confirmation of blindness deposit and withdrawal service is a service that permits only the account of the trader whose identity is confirmed and the deposit and withdrawal between the same bank account of the exchange. If the exchange and the trader’s account are in different banks, the trader must open a bank account like the exchange.

A trader must go to a bank branch in person to open a bank account at another bank and check his/her name. During this process to present proof of your real name will be a must (such as your resident registration card or driver’s license).



Confirmation of blindness when the deposit and withdrawal system is implemented, it is possible to compare the resident registration number in addition to the name and the account number of the trader, thereby effecting the establishment of a juvenile or non-resident foreigner in the market.

It also creates basic data for imposing transaction tax or transfer income tax related to virtual currency transactions and makes it possible to set additional transaction limit per capita in the future.

When the blind deposit/withdrawal system is implemented, new investments that were previously blocked are allowed.



The Financial Services Commission (FSC) has suspended the provision of a new virtual account for the virtual currency trader, which was presented on 28th by issuing special measures related to the virtual currency, and canceling the provision of the virtual account for the new member of the existing virtual currency trader.

A financial official said: ‘There is no reason to institutionalize measures to prevent people who are new to virtual money investment from becoming unauthorized.’

Subscribe to our NEWSLETTER (by subscribing you agree to get latest articles and promotions to your inbox)
Facebook Comments

You may be interested

The Worlds First Crypto Rally 2018 Adds F1 Power
Entertainment
2 shares163 views
Entertainment
2 shares163 views

The Worlds First Crypto Rally 2018 Adds F1 Power

Justin - May 26, 2018

Vilnius/London – May 24, 2018. The first Crypto Rally will be launched in July 2018. The rally starts on July 17 in Lithuania’s capital city Vilnius and…

Gravity Protocol Testnet Goes Live Today – Run Nodes, Capture the Network and Make Profit
Crypto news
1 shares135 views
Crypto news
1 shares135 views

Gravity Protocol Testnet Goes Live Today – Run Nodes, Capture the Network and Make Profit

Justin - May 25, 2018

Gravity Protocol, a Graphene-based blockchain protocol, built on Delegated Proof-of-Importance Consensus with adaptive emission, is releasing its Testnet on May 25. Graphene enthusiasts and developers are invited…

World Beyond Banking – Evolving Revolut Adopts Cryptocurrency Within Revolut Crypto
Crypto news
5 shares693 views
Crypto news
5 shares693 views

World Beyond Banking – Evolving Revolut Adopts Cryptocurrency Within Revolut Crypto

Justin - May 25, 2018

After Revolut fulfilled promises bringing cryptocurrencies to their customers through the app, back in Decemeber now they came back with even better news - payments using cryptocurrencies…

Most from this category