Bitcoin, Crypto currency, Blockchain

South Korea gives green light to Bitcoin exchanges

Bitcoin exchanges and banks can work together in South Korea. The Chairman of the financial Supervisory authority of South Korea, Choi Jong-KU has officially confirmed. Therefore, there are no problems of compatibility of Exchanges and banks, at least, subject.

South Korea: Key point of contact for the crypto industry

South Korea is an important anchor point in the Bitcoin Ecosystem, is likely to most of the crypto-Interested to be known. This was the case especially at the beginning of the year. After the Bitcoin price fell in the January to, applied a lot of your views of the Asian country. The (then) quite restrictive action of the government was suspected to have led to sometimes FUD (Fear, Uncertainty and Doubt). Because the government provided for a stricter Surveillance, not least because officers were suspected of Insider trading. In the meantime, ICOs were banned, these tight regulatory grip loosened, however, the government increasingly.

Choi Jong-Ku gives the green light for Bitcoin exchanges

The Choi Jong-Ku, confirmed now. The Chairman of the financial supervision, said at a hearing that Bitcoin could harmonize exchanges and banks, well, as long as appropriate regulations were complied with. For example, the exercise of Expertise include, above all-Your-Customer guidelines (Know your customer(s)), as well as the respect of Anti-money laundering regulations. The Bitcoin exchanges and the banks in line with these requirements, investors have feared, according to Choi Jong-Ku:

“There are no problems with banks, virtual Bank accounts offer for the exchange of crypto-currencies. If the Digital Asset Trading platforms on KYC – and AML-systems, the output of virtual Bank accounts to exchanges no Problem.“

The statement of the Chairman of the Supervisory authority is, ultimately, an important Signal for the (Korean) crypto-enthusiasts. Recently, the government recognized the stock exchanges Bithumb, Upbit, Gopax, Korbit, Coinone and other stock exchanges officially, whereby the trading with crypto-currencies in South Korea, is currently considerably clearer directives are given, as in this country.

Leave a Comment