FSC: South Korea’s Bitcoin Exchanges Are Not Limited In Rights To Banking Services
The opening of virtual bank accounts for South Korean cryptocurrency exchanges should be carried out according to the common rules and cannot be limited. This was stated by the head of the financial services commission of South Korea (FSC) Choi Jong Ku.
FSC statement was positively evaluated by representatives of the South Korean blockchain association, which includes several bitcoin exchanges. According to them, this will allow to solve the January issue, when the government ordered cryptocurrency exchanges to provide their customers’ transaction information to banks.
Recall that in June, FSC tightened the rules on combating money laundering related to the activities of cryptocurrency exchanges. According to the amendments, banks that serve exchanges are obliged to control the movement of funds on the accounts of traders and assets of cryptocurrency platforms.