31/10/18 09:17 UTC-4

Finance Minister of South Korea approved the cooperation of banks with cryptocurrency exchanges

Bank cooperation with cryptocurrency exchanges approved
Bank cooperation with cryptocurrency exchanges approved

The head of the Ministry of Finance of South Korea (FSC) Choi Jong-Ku said that today there are no problems related to the security of using cryptocurrency exchangers.

Choi Jong-Ku, the head of FSC (Ministry of Finance) of South Korea, announced the complete security of banks that provide virtual accounts for the local exchange of cryptocurrencies. In a statement, Choi Jong-Ku stressed that while crypto - platforms are equipped with Know Your Customer (KYC) and Anti-Money Laundering (AML), they will be able to receive banking services from the country's commercial financial institutions.

"Banks have no problems with the provision of virtual bank accounts for the exchange of cryptocurrencies. If KYC and AML systems are installed on digital securities tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
platforms, there are no problems with issuing virtual bank accounts for exchange.”
 – Head of the Financial Services Commission of South Korea (FSC) Choi Jong-Ku

As you know, today in the territory of South Korea, crypto-exchangers work with a unique system of virtual bank accounts to control the cryptocurrency market. Although in early 2018, the Korean government called on banks to prevent work with cryptocurrency exchanges, so as not to contribute to money laundering through digital assets.

A public statement by the FSC head explained the current position of the Korean government and local financial authorities regarding the crypto-exchange. As Choi Jong-Ku stated in the coming years, local crypto platforms will no longer suffer from a lack of banking services and large financial institutions in South Korea.

After the statement of the head of FSC, the South Korean BlockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
Association also confirmed that the problems of crypto-exchangers (which arose 10 months ago) were completely resolved.

Among the cryptocurrency exchanges approved by the South Korean government were: Bithumb, Upbit, Gopax, Korbit, Coinone.

Editor: Yuliya Soroka

See also: "Bistamp was sold to NXMH, a Belgian investment company"

#crypto exchangers #FSC #stock exchange #cryptocurrency



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