South Korea to support normal crypto currency transactions
Choi Hyung-sik, director of South Korea’s Financial Supervision Department, told a press conference Tuesday, Yonhap said:
The government will support “normal transactions” of hidden operations.
“The whole world is on the way to revisiting the framework of the virtual currency, and we have to make it a normal deal instead of strengthening regulations,” the Korea Times newspaper quoted him as saying.
Shui’s latest statement contradicts his previous position when he called for strict rules, noting that “PeteCwin will lose the bubble later.” You can bet. “A South Korean man expressed his admiration for the organizer’s statement and submitted a petition to the Blue House asking for Choi to be dismissed as director of service V. The petition, which ended on January 27, was 40,149 signatures. The government has to respond.
Help small and medium-sized exchanges
Prior to his announcement on Tuesday, Choi held a meeting with the Blochen Association of Korea and representatives of local Kryptokirini exchanges, including the chairman of the ASEAN Self-Regulatory Committee, Yonhap said.
The South Korean regulator admits to “normal” crypto-currency transactions. Three weeks have passed since regulators introduced the real-name system on stock exchanges and the use of default accounts that allowed anonymous cryptocentrism has begun.
However, since the implementation of the new system, banks have only issued new virtual accounts for the country’s four main exchanges: Opteb, Pythumb, Quinnon and Corbett. They are reluctant to issue virtual accounts to exchange small and medium exchanges.
Twelve small and medium-sized bourses frustrated by the impossibility of obtaining virtual accounts after sending a letter to Blocchin on Monday called for a meeting to discuss how to deal with the problem, according to the BizNet Times. An official at a small and medium-sized stock exchange was quoted as saying:
When I joined the association, I understood that if I complied with the guidelines, I could get virtual accounts at the bank.
At the end of last month, he joined 25 Exchange Encoder Association for this purpose. Because of the inability to obtain virtual accounts, these exchanges had to stop credit deposit services or continue to use corporate accounts for encryption, a practice strictly taken by Korean regulators to avoid money laundering.
Banks are encouraged to work with encryption exchange
The government has repeatedly said banks have “sufficient systems and can open a real account in the name of the real currency.”
Choi said major Korean banks Shinhan, Nguyup and Industrial Korea were already dealing with four Cryptocernes exchanges, adding that “they have to do more.” He noted that three other banks, including Bank Kookmin and Cape Hanna Bank, had also set up a real-name trading system. However, they have not yet issued accounts for exchange exchange.
Choi acknowledged the problem facing small and medium-sized exchanges, saying: “I will encourage Kup Kokmin Bank and the Bank of Cape here to take care of virtual business management.” Yonhap quoted him as saying:
The government will “encourage” banks to conduct transactions with crypto currenct exchanges.