The Financial Services Commission of South Korea confirms the right of crypto exchanges for banking services The head of the Financial Services Commission of South Korea (FSC) Choi Chongyu confirmed that there are currently no rules in the country that would require banks to take a special course of action when providing virtual accounts to local cryptocurrency exchanges, writes CCN.

Financial Services Commission of South Korea confirms the right of crypto exchanges to bank services

The head of the Financial Services Commission of South Korea (FSC) Choi Chonggyu confirmed that there are currently no rules in the country that would require banks to take a special course of action when providing virtual accounts to local cryptocurrency exchanges, writes CCN.

According to him, cryptocurrency exchanges that comply with all established requirements in the field of customer identification and anti-money laundering can be freely serviced in financial institutions countries.

“There is no problem with banks providing virtual accounts to cryptocurrency exchanges. If platforms for exchange digital currencies if there is a KYC / AML system, it can receive virtual bank accounts, "he said.

South Korea's approach to trading cryptocurrencies using fiat is unique in that it requires virtual bank accounts identified by real trader data, which are also listed on exchanges..

Yesterday became known, that the court took the side of the local crypto exchange Coinis in the proceedings with the commercial by Nonghyup bank, who previously refused to serve her.

“Cryptocurrency exchanges by default have the right to freely deposit and withdraw funds to and from all major South Korean banks. The sudden termination of cooperation and services by the bank without sufficient evidence is considered a violation of the terms of the contract, "- said a representative of the exchange.

The South Korean Blockchain Association, which includes several of the country's crypto exchanges, was optimistic about the latest FSC statement, noting that it addresses a problem created 10 months ago with the introduction of the new system..

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