The South Korean Financial Services Commission (FSC) said it will check three domestic banks servicing crypto-exchange exchanges.
The statement confirms that the banks will be audited from April 19th to 25th; the regulators want to make sure that the financial institutions comply with the new rules of anonymity introduced at the end of January this year. Under the law, Koreans using cryptocurrency exchanges for trading can have only one account and identification data that must correspond to a bank account.
These requirements increase pressure on crypto- exchanges, as banks want to see guaranteed legal trade. Small crypto-exchange exchanges have to exert every possible effort to cope with the requirements of the Financial Services Commission.
List of Banks
Now Nonghyup Bank, Kookmin Bank, and Hana Bank will be subject to individual verification. In particular, Nonghyp acts as a Big thumbice partner of Coinone and Bithumb, the two largest crypto- exchanges in South Korea.
Meanwhile, preparation for filling the remaining legal gaps in the local currency economy continues. It is worth noting that the tax legislation for digital assets will be released closer to June.