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SOUTH KOREAN BANKS DROP CRYPTO ACCOUNTS AS GOVERNMENT PLANS A BAN

The South Korean government has been holding meetings daily to discuss cryptocurrency regulation. On Wednesday, local publications reported that the regulators are planning to ban banks from activities involving cryptocurrencies. According to AFP:

The Prime Minister’s Office said Seoul would ban financial institutions from dealing in virtual currencies – including buying, possessing, or holding them as collateral.
South Korean Banks Drop Crypto Accounts as Government Plans a BanIn addition, Korea Herald reported that “banks in Korea that provide virtual bank accounts for cryptocurrency trades will have to verify the identification of account holders when creating new ones,” according to the plan. Furthermore, the regulators plan to ban minors and foreigners from both trading in cryptocurrency and creating bank accounts in the country.

Virtual bank accounts are issued by traditional banks for customers of cryptocurrency exchanges. A customer wanting to start trading at a crypto exchange must first open a virtual bank account and deposit money into it. All major Korean exchanges, including the country’s largest bitcoin exchange Bithumb, require customers to open virtual bank accounts before trading.

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