Real-Name System Enforced

South Korea has begun converting existing virtual cryptocarj accounts into real name accounts, as mandated by the government.

Jonahup reported in the report that the system of this new account is effectively used in "transactions with the use of priceless bank accounts to withdraw money and use other illegal activities to prevent virtual coins".

Six major banks in the country are participating in this new system till now: Shihan Bank, Non-Banking Bank, Industrial Bank of Korea, Qukiman Bank, Hana Bank and Guangzhou Bank News outlet explained in detail:

The opening of cryptocrajj accounts has been banned for a few weeks, while banks have installed the system, which ensures only the real-name bank account and matches the cryptocurrency exchanges for deposits and withdrawals.

The publication said, "Foreign and minority investors have been prohibited from opening cryptrocircus accounts in South Korea." He said that "new system requires cryptocirrency exchanges so that users can share transaction data with banks." Merchants will be penalized with existing virtual accounts, keep depositing funds into their existing accounts.

Business As Usual for Banks

"The market has predicted that after the introduction of the real name system many requests will be made to open new accounts", Maekyung wrote, however, on the first day of introducing the real name system, the news outlet noted that the bank last year Looking at some changes, and said that some customers have opened online accounts.

An IBK official told the publication that there is "no major difference" in the number of customers opening the bank account.

A Chosun reporter visited many banks and found no unusual traffic. At the branch of a Shihan bank, the definition of terms related to crypto was "Customer Guide". It also includes a money laundering anti-guideline.

Real Name Verification

The Korea Business says that "real name verification is possible only if there is an account in the bank named after the person who uses the virtual currency trading company."

In order to open a new bank account for the business cryptoounter, customers will have to "submit documents in the bank ... payroll, utility bill, credit card payment," news outlet detailed.

Bithamb is trading with Hoongip Bank and Sihanan Bank, Industrial Bank of Korea (IBK) with Upbit, Corong and Non-Bank Corbett along with Coon and Shihan Bank. Hankuang said, "In view of the number of virtual accounts under the real name system conversion, there are 570,000 in IBK, non-bank bank 1 million and Chishan bank 140,000."

Smaller Exchanges Could Suffer

Small and medium-sized cryptocurrency exchanges may have to suffer from real-name conversion, local media reports from the conversion, indicating that the bank is reluctant to issue new accounts for them and now they can not use existing corporate accounts. Are there.

The Korean Block Chain Association said that out of 25 of its 25 crypto exchange members, 10 companies use corporate accounts in place of virtual accounts. These include Coenestates, Gopacs, Sealal Links, and Eyelabs, Mikeyang said. "The virtual accounts have not been given to the exchanges, they have come to the blind spot of regulation," the publication quoted the association.