In its latest statement, the financial services Commission of the country (FSC) has confirmed that cryptocurrency exchanges must allow to do transactions only to those customers whose identity is identified and whose name corresponds to their data working Bank account.
Foreign nationals, even if they are relatives of citizens of South Korea, to trade on the cryptocurrency exchanges are not allowed.
The system, which will carry out the screening and identification of traders will be ready by the 30th of January.
From the 6 largest banks in South Korea have announced their readiness to work under new rules: Shinhan Bank, Nonghyup Bank, Industrial Bank, Kookmin Bank, Hana Bank, Gwangju Bank.
Good news from Korea. 6 Korean banks are aiming to simultaneously open/allow deposits and withdrawals to exchanges as of January 30 2017. This applies to new account holders. https://t.co/ktELQUJ9zo— Crypto Korean (@CryptoKorean) January 22, 2018
Cryptocurrency exchanges are also prepared to work under the new rules. So, one of the largest cryptocurrency exchanges of the country, Korbit requires its customers to open an account in Shinhan Bank, if they intend to continue to work.
To use the new method of Deposit KRW, which will be implemented during this month, you must have an account in Shinhan Bank, registered in your name.
Earlier, foreign clients could work in the Korean market using virtual Bank account, but now, it introduced a moratorium.
Despite this positive news, the cryptocurrency market has not reacted to it, and the price of the leading cryptocurrency much has changed.