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BY CNA Team - November 1, 2018

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South Korean crypto exchanges should be able to access bank services

FSC chairman Choi Jong-Ku
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The head of the South Korean financial watchdog has affirmed that crypto exchanges should face no obstacles in accessing bank services as long as they have safeguards in place.

Financial Services Commission (FSC) chairman Choi Jong-Ku was responding to a query by a lawmaker on whether exchanges can access bank services.

“If the exchange has a real name authentication and anti-money laundering system, there will be no problem in issuing new accounts,” Choi was quoted by Token Post.

This is a positive nod to the country’s move towards clarifying the government’s stance on cryptocurrencies and initial coin offerings (ICOs), which is expected to be made soon.

Choi had earlier reiterated his negative stance on ICOs, saying that crypto trading should not be equated with the blockchain industry.

His comments at that time came just as an agency under the FSC, the Financial Supervisory Service, was about to complete a survey of blockchain startups on what they thought of a legal framework for ICOs.

Momentum has been gathering among legislators on both sides of the divide in recent months to push through laws that give a clearer framework for cryptos and ICOs.

The chairman of the government’s national policy committee, Min Byung-doo, recently called for ICOs to be regulated as a ban on them imposed in September 2017 is driving out promising blockchain startups from the country.

The governor of the semi-autonomous province of Jeju, Won Hee-ryong, also proposed in mid-August that the province, which is made up of the island of Jeju, be made into a blockchain hub allowing ICOs.

Image courtesy of Financial Services Commission (FSC) website.

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