Korea to Approves Banks Working With Exchanges

Head of Financial Services Commission of South Korea believes that opening of virtual bank accounts to South Korean cryptocurrency exchanges should be limited
31 October 2018   1408

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.

Choi Jung-Ku

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.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   151

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.


Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.


Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.