South Korean Shinhan Bank will support local crypto currency exchange

Leading crypto currency exchange South Korea — Bithumb and Korbit has announced that the opening of and withdrawal of deposits in Kookmin Bank since the end of January will be impossible.

Kookmin Bank, the largest financial institution in South Korea, joined other local banks that have decided not to support the cryptocurrency trading and banking accounts cryptocurrency investors.

However, Korbit has already announced to its users and traders that by the end of January will begin to accept deposits and provide Bank account to another Bank Shinhan.

«In order to comply with the rules client identification and anti-money laundering implemented by the government, the current method of Deposit KRW will be terminated by the end of January 2018, reports the exchange. – In order to use the new Deposit KRW, which will be implemented within this month, you must have an account in Shinhan Bank».

With the announcement of Korbit traders ceased to fear the possibility of a ban for trade cryptocurrencies. Earlier, the South Korean government said that it appealed to financial institutions and banks within the regulated financial industry with a request not to provide banking services for bitcoin exchanges.

This week, several local media reported about the government’s plans to allow financial institutions to trade futures on bitcoin, as did the Commission on trade commodity futures U.S. (CFTC) in 2017.

A government official explained that the listing of futures on bitcoin will stabilize the market and allow you to compete on the exchange market of bitcoins.

Likely, the South Korean government will develop practical rules to protect both investors and business. In a statement issued in December, a member of the working group on the regulation of cryptocurrencies noted that the government will follow the regulatory road map established leading markets such as Japan and the United States.

Given the current state of the market and the government’s decision not to impose a ban on trade in the short term, the South Korean kretowiny the market is quite optimistic, as evidenced by rising prices and volume of trading in digital currencies like the South Korean and world market.

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