Opening of virtual bank accounts to South Korean cryptocurrency exchanges should be carried out according to general rules and cannot be limited. This was stated by the head of the Financial Services Commission of South Korea (FSC) Choi Jung-Ku, according to CCN.
There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges.
Financial Services Commission of South Korea, Head
Mister Choi hadn't said anything regarding minning farms, minning equipment manufacturers and sellers and their relations with banks.
The FSC statement was positively assessed by representatives of the South Korean blockchain association, which includes several Bitcoin exchanges. In their opinion, this will allow to solve the problem that arose in January, when the government of the country obliged cryptoexchanges to transfer information about the transactions of their clients to banks.
In June, FSC tightened the rules on anti-money laundering relating to the activities of cryptocurrency exchanges. According to the amendments, banks that serve the exchanges are obliged to control the movement of both funds in the accounts of traders and own assets of cryptocurrency sites.