Friday, February 23, 2018

South Korean Banks May Not Be Ready to Open New Cryptocurrency Trading Accounts by January 30

South Korea Crypto Regulations

Wednesday morning in South Korea… where the top finance topic is the news that the six banks that the previous day had been announced would be ready to implement the new government-required real-name system for cryptocurrency trading may not be totally ready by the stated date of January 30th.

The previous day, there were mixed feelings over the announcement — with the optimistic take being that new cryptocurrency trading accounts would be allowed to be opened as soon as the real-name system is put in place by those six banks on the 30th.

The status has been that the South Korean government had put an effective ban on new cryptocurrency trading accounts starting in December last year.

Optimism became muted this morning as it was revealed that only three of the six banks had existing agreements with cryptocurrency exchanges which would facilitate the implementation of procedures. Furthermore, even these three banks with relationships say that they still have to discuss how to go forward with the opening of new accounts because of the complexity of new requirements.

Three banks and the cryptocurrency exchanges they have agreements with:

  • Industry Bank – Upbit
  • Nonghyup – Bithumb, Coinone
  • Shinhan – Bithumb, Eyalabs, Korbit

The other three banks — Gwangju, Kookmin and Hana — have no existing relationships with cryptocurrency exchanges. They are saying these three banks will definitely find it impossible to issue new bank accounts to cryptocurrency trading investors even when the real-name system is implemented on the 30th.

Understandably, this has dampened the mood of eager crypto investors in South Korea.

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