Korean Government started Investigation on Major Banks for Crypto Regulations

Nishanth Shetty

Nishanth Shetty

January 8, 2018 7:30 am

Korean Government started Investigation on Major Banks for Crypto Regulations | Coindelite News
4160 Total Views

Cryptocurrency Regulations

The South Korean will start investigating the major banks for their agreement with cryptocurrency regulations on Monday. This progress follows the regulator’s recent announcement banning the use of virtual bank accounts for anonymous trading.

Investigating 6 Major Banks

The South Korean Financial Intelligence Unit (FIU), below the Financial Services Commission (FSC), and the Financial Supervisory Service (FSS) described on Sunday, January 7, that they will be investigating the six major banks for agreement of cryptocurrency regulation.

The investigation will be conducted from January 8 to January 11. The investigation will be taking place between Shinhan Bank, Industrial Bank of Korea (IBK), Woori BankNonghyup Bank, Korea Development Bank (KDB), and KB Kookmin Bank.

Last month, government’s officials have announced that they will ban anonymous crypto trading.

“The FIU and FSS will check whether banks have properly implemented their anti-money laundering obligations to operate virtual accounts. The FIU has imposed more than 40 checklists on suspicious transactions, stipulating virtual currency as a ‘high risk’ transaction. “

The Korea Herald described it is rare for the two organizations to conduct a joint survey, a move that industry watchers viewed as beyond a watch on anti-money laundering measures by the banks and ultimately intended to cool the overheated market.

Last week, the FSS announced that the number of fiat deposits at crypto exchanges as of December 12 last year which had worth to 2.067 trillion won [~USD$1.95 billion]. Even though, 111 virtual bank accounts were identified at the six aforementioned banks at the end of the December.

To end-up with the anonymous trading, the government has banned banks and crypto exchanges from issuing new virtual accounts and adding new members to the existing ones.

The Real Name Identifying System is expected to be implemented around Jan 20

The government has been working on a system for implementing the real-name identity verification on cryptocurrency traders. This system is expected to be implemented around January 20, which can be used to end the anonymous crypto trading.

JoongAng Daily said:

“The real name confirmation service that banks are building by the end of this month is a method of allowing deposits and withdrawals only when the account of the trader who is identified and the account of [the trader at] the virtual currency exchange are the same.”

No Comments
Reason for Hike in XRP Value Explained!!!

XRP prices seem to have Spiked Lately Ripple is generating notable gains as the huge cryptocurrency market pushed higher. According to Coindelite, the XRP token attained a value of $0.8768. Coindelite figures show that Ripple rose by 20% over the last 24 hours and has climbed to its highest since …

Amazon Web Series is Making the use of Hyperledger and Ethereum easy

Amazon Web Series to Start a New service for Hyperledger and Ethereum easy Amazon Web Services has recently announced the service it is going to launch out-of-the-box a blockchain service for Ethereum and Hyperledger Fabric protocols. AWS chief evangelist Jeff Barr wrote in a blog post: “Recently available templates allow …

Australia to Mine Bitcoins by reopening Coal Power Plant

Contract with Crypto Mining firm Signed by Australia to reopen Coal Power Plant A contract has been signed with the IOT Group, a cryptocurrency mining firm by Australia’s Hunter energy to reopen a coal power plant in the Hunter Valley Region of Australia. Although new and advancing technologies are largely …

NY Federal Reserve Chief Nominee says Cryptocurrencies can’t Replace Dollar

Digital Currencies cannot replace Paper Currency says NY Fed Chief Nominee CEO of Twitter Jack Dorsey predicted that Bitcoin would surpass all the world’s currencies in around ten years. But the man nominated to be the head of New York Federal Reserve differs. In a speech on Friday, the present …

Blue Check Mark on Twitter Doesn’t mean your Account is Safe

Bad Checks: Twitter’s Identity Crisis Costs Users More Than Bitcoin According to a Russian Writer, it’s one of crypto’s most generally embraced slogans, though one that’s becoming even more important on social media, where battling factions inclined on promoting the next big high-tech investment are presently turning the very symbols …

Bitdegree Offers Online Courses for Students with Crypto Incentives

Bitdegree a Cryptocurrency Startup Pays Students while Learning Bitdegree, a Lithuanian cryptocurrency startup wants to change the face of online education using their online platform and cryptocurrency. What is BitDegree? BitDegree an online platform with its own cryptocurrency. The firm was founded in 2017. BitDegree plans to change how education …

Press Release