South Korean regulator the Financial Services Commission said it would inspect three domestic banks servicing cryptocurrency exchanges to check compliance April 9.
A statement confirms the banks will undergo inspections April 19 - 25, with regulators looking to ensure they are conforming to new anti-anonymity regulations introduced at the end of January this year.
Cointelegraph previously reported on the steps taken by Seoul to remove anonymity and multiple trading accounts on domestic cryptocurrency exchanges.
As part of the legislation, Koreans using exchanges to trade may only hold one account, the identity details of which must match their bank account.
The requirements put new pressure on both exchanges and banks to ensure trading remained legal, with smaller institutions reportedly struggling to get to grips with the FSC's demands.
Now, Nonghyup Bank, Kookmin Bank and Hana Bank will face individual scrutiny, Nonghyup in particular standing out as the service partner of Coinone and Bithumb, two of Korea's biggest exchanges.
Investigators will check adherence to various rules, including anti-money laundering as well as the providence of customer data.
Preparations continue on filling in the remaining legal gaps in the local cryptocurrency economy, with tax legislation due to be released by June.
South Korea: Bank Servicing Coinone And Bithumb Among 3 In Line For Inspection
pubblicato su Apr 9, 2018
by Cointele | pubblicato su Coinage
Coinage
Notizie recenti
Vedi tutti
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.