Hope for South Korean Cryptocurrency Exchanges as Bank Interested in Contract

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Source: Adobe / antoniotruzzi

There may be a ray of hope at last for South Korean crypto exchanges fearing for their future, with the neobank K-Bank ready to renew your contract with the leading trading platform on the market Upbit , just days after three major commercial banks were scrapped. the prospect of doing business with exchanges.

Trading platforms have been feared for their future after the historic cryptocurrency regulation enacted in March this year. The new law specifies that as of September 24 this year, all crypto exchanges in the country must comply with banking protocols authenticated with real name and social security number on a six-month contractual basis.

The government has told banks that they are free to conduct their own risk assessment tests on exchanges, giving the banking industry life and death power over the country’s crypto sector. The heads of major banks met this month to come up with a list of around 90 criteria points that exchanges will need to meet to prove trustworthy.

However, it seems that even that was not enough for many. Earlier this month, Woori , Kookmin Y KEB Hana They stated that dealing with crypto exchanges would be more troublesome than it was worth.

But, perhaps tellingly, there was no news of Nonghyup , which currently provides real name services for two exchanges. Shinhan , traditionally the most crypto of the “big five” commercial banks, also declined to comment. And K-Bank, whose partnership with Upbit has proven almost too successful for its own good, also declined to comment.

And in a new report from news agency YTN, K-Bank was quoted as saying that the prospects of renewing the existing contract between it and Upbit have “grown rapidly recently,” stating that online account opening has helped drive your business.

Mira Kim, a blockchain consultancy from South Korea, told Cryptonews.com:

“From what I heard, there is now a cautious positive attitude among some of the ‘big four’ exchanges. [Upbit, así como [B] Bithumb [/ B], Coinone Y Korbit ]. Nobody wants to say anything because they don’t want to curse him, but I have a feeling that at least the ‘big four’ will renew their existing bank contracts or find alternative partners before September. “

BNK Busan Bank He has also previously expressed his desire to enter the arena.

And in further development, EDaily reported, K-Bank’s recent success, largely due to Crypto Fever 2.0 and the opening of new accounts on Upbit, has propelled it to a level where it could become the largest neobank. of the country, surpassing its biggest rival. the Kakao Kakao -operated Bank.
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Learn more:
– Bank Risk Assessment May Threaten Bithumb and South Korea Crypto Exchanges
– The South Korean government continues to reduce anti-crypto rhetoric

– UK banks get tough on Bitcoin, but AML rules are the real problem
– With banks turning to Bitcoin, is it finally time to ditch the bankers?