Home coin news See How Government Newly introduced system failed crypto exchanges in Korea

See How Government Newly introduced system failed crypto exchanges in Korea

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Last week South Korean Government put an end to all anonymous crypto trading account. Only to introduced a new system that allows real name accounts. However, see the new challenges below that Crypto exchangers are facing with this newly mandated system which was recently implemented

Summary:

  • > The real-name account system for South Korean cryptocurrency exchanges went into effect since last week January 30th. Requiring one to change to real name account before he/she can trade in CryptoCurrency. 
  • > The regulators previously announced that 6 major banks have installed the real-name system: Shinhan Bank, Nonghyup Bank, Industrial Bank of Korea, KB Kookmin Bank, KEB Hana Bank, and Gwangju Bank. However, local media reported on Saturday that only the first three on the list have actually decided to provide real-name account service to cryptocurrency exchanges.
  • > There are about 25 cryptocurrency exchanges operating in the country. However, only Bithumb, Upbit, Coinone, and Korbit have had their virtual accounts converted into real-name ones.
  • > Services are Optional For Banks because While the South Korean regulators ensured that the 6 banks installed the real-name system, banks were not mandated to provide service to cryptocurrency exchange customers.
Do you see this newly system introduced by Korean government as being inconvenient to CryptoCurrency operating exchanges in the country? Drop your comments below. 

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