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Korean Banks Will Allow Crypto Trading Again and Opens Account Registration

Justin
January 23, 2018
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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.’

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