Large Korean stock exchanges ensure agreements about real name accounts with local banks - regulation Bitcoin News
Large Korean stock exchanges ensure agreements about real name accounts with local banks - regulation Bitcoin News
cryptocurrency exchanges in South Korea have made agreements with Korean banks to maintain the issue of real name accounts, as media reports showed. The deals, even if they are not yet permanent, will enable the trading platforms to register with the tax authorities before the maintenance period on September 24th.
Bithumb, coinone and basket maintain partnerships with Korean banks
According to reports, the banks have agreed to continue the emission is South Korea's leading exchange for digital wealth. The precautions still have to be completed, but the confirmations obtained enable the Coin trade platforms to complete their registration with the country's financial authorities before the regulatory period expires at the end of this month.On Wednesday, a spokesman for Nonghyup Bank announced that the institution approved to extend deals for the exhibition of real name accounts for dealers at Bithumb and Coinone. According to a report by Korea Jongang Daily, the representative confirmed that the bank will provide the stock exchanges the documents required to conclude its contracts.
The current agreements with the two crypto platforms are to expire on September 24th if stricter new regulations for the industry are enforced in March. While earlier contracts were extended every six months, the bank rejected the conditions of the latest contracts this time, according to the English -language edition of Joongang Ilbo.
In a similar step, Shinhan Bank announced that it would continue to exhibit real name accounts for basket, another leading Korean stock exchange. However, the bank noticed that the confirmation did not mean that the contract with the crypto company was officially extended. The document was delivered so that the stock exchange can continue its registration process, explained a spokesman and continued:
whether we are extending the partnership will be announced before the deadline on September 24, but we will postpone this for the time being to later.
According to the Korean daily newspaper, the explanation indicates that the bank is planning to extend the partnership with Korbit, but it will probably wait until the exchange files for registration for the financial services commission ( FSC ). The publication quotes another source that says that the final announcement will probably be “at the last minute”. The current agreement expires after September 24th.
Korea's four largest crypto exchanges are ready to continue your business under stricter rules
The acquisition of registration at Korean Financial Intelligence Unit (FIU), an authority to combat money laundering in accordance with FSC, is an important prerequisite for the country's updated crypto regulations. In order to be able to register, Korean exchanges not only have to enter into a partnership with a bank to implement the real name account system, but also receive a certificate for information safety management system (ISMS) from the Korea Internet and Security Agency.
The country's four leading crypto trading platforms have now managed to meet both conditions. Upbit, the largest according to trading volume, applied for registration last month. The Korean online bank K Bank provides real name accounts for the platform. However, the entire registration process can take up to three months. During this time, the financial supervisory authorities will check the submitted documents and approved the application, as the FSC stated at the beginning of this week.
In addition to Upbit, Bithumb, Coinone and Korbit, according to a. Also 17 more exchanges receive an ISMS certification Daily from Chosun ilbo. However, smaller crypto trading places were difficult to convince Korean banks Special assets law required. 59 Exchange must still meet the requirements and may have to Rules.
Do you expect that more Korean crypto exchanges will meet the new regulatory requirements by September 24th? Tell us in the comment area below.
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