South Korean banks have been enriched 36-fold, thanks to the cryptocurrency

South Korean banks have been enriched 36-fold, thanks to the cryptocurrency

South Korean banks have provided services of registration of the virtual account for the exchange of cryptocurrencies.

For which he charged a very weighty Commission. According to data by the financial Supervisory Service of the country, the income of banks over the fees increased 36 times compared to last year.

Financial Supervisory service (FSS) of South Korea receive data from the banks that provide services to register a virtual account for the exchange of cryptocurrencies. Data were provided by six banks, checked by regulators last week: Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank and Industrial Bank of Korea.

On Thursday, a news channel reported that total banking income for the provision of such services for the last year amounted to 2,2121 billion won (~$2.1 million US). It is 36 times more than 61 million won in 2016, according to Yonhap.

Banks earn money on cryptocurrency exchanges, by charging approximately 200-300 out of every client’s Deposit, says news channel, adding that the traders pay higher fees to exchanges in withdrawals.

According to the FSB, with the help of this service the Industrial Bank of Korea gained more than others. The Bank provides services Upbit, which recently became the largest exchange in the world. Kakao Corp, operator of the most popular chat app in South Korea, Kakao Talk, also supports Upbit. The Bank “earned a total of 675 million won, setting a fee to the owner of the virtual account in the amount of 300 won for one fee,” – says the publication.

In second place Nonghyup Bank, which has partnered with Bithumb and Coinone. Last year the Bank earned 654 million.

Shinhan Bank offers exchange services of crypto currencies, collaborating with multiple cryptocurrency exchanges, including Bithumb and Korbit. Last year the Bank on the fees for these services are earned 621 million won. Kookmin Bank – 155 million won Korea Development Bank – 61 million won, and Woori Bank on the cryptocurrency exchange earned 59 million won.

Currently, the South Korean government has banned banks from registration of the virtual account until a new system of identification based on the real names. Banks will also be required to identify the purpose of trading and check the source of the income of each holder of cryptocurrency account.

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