S. Korea to Support 'Normal Transactions' of Crypto

Head of the Financial Supervision Service (FSS) said the government will support the cryptocurrency industry
20 February 2018   509

South Korea's financial regulator confirmed information that the government intends to support trade in crypto-currencies and call banks to servicing stock exchanges, crypto-currency, once again refuting information about a possible ban on this type of activity. This is reported by Yonhap News.

Choe Heung-sik, head of the Financial Supervision Service (FSS), said the government will support the cryptocurrency industry. In particular, he noted that the government will facilitate the conduct of "normal transactions" using crypto currency, after the rules prohibiting anonymous trade in crypto-currencies entered into force three weeks ago.

Chow held a meeting with representatives of the crypto exchanges, where he said that the government "will support (cryptocurrency trading) if normal transactions are made."

The new system of regulation of the crypto-currency trade in South Korea began to operate on January 30. It requires the use of bank accounts tied to the real names of market participants. Anonymous traders can still participate in trades using assets that are already on the stock exchange crypto currency, but they can not work with the fiat.

Although several large exchanges are already serviced by the country's leading banks, smaller sites often do not have access to new accounts and are forced to provide services in a limited amount.

Chow, in turn, assured that the government will "facilitate" the establishment of links between the exchange of crypto-currencies and banks.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   120

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.

Elliott Suthers


Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.