South Korean banks seek green light on crypto

The Korea Federation of Banks (KFB) could request South Korea’s incoming presidential administration to approve native banks servicing cryptocurrencies, in response to a leaked draft report.

See associated article: South Korea’s largest monetary group mulls crypto ETFs

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  • KFB, the biggest physique representing home lenders, wrote in its report that banks needs to be permitted to pursue digital asset companies, together with crypto buying and selling platforms, e-wallets and custody companies. 
  • The entry of credible banks can counter the dearth of correct investor safety measures with current crypto rules being centered on anti-money laundering, the draft mentioned. 
  • The primary draft of the report, aimed to ship key opinions on the banking sector to the Presidential Transition Committee, was distributed to native banks for assessment.
  • A consultant of the KFB advised Forkast the content material within the leaked report isn’t finalized, stating that it’s potential that banks could not push via with the request. 
  • South Korean legal guidelines restrict native banks from working cryptocurrency-related companies. 
  • South Korean banks are at the moment collaborating within the native crypto economic system as monetary companies companions to cryptocurrency exchanges, or by investing in custody companies.

See associated article: South Korean banks discover workaround to money in on crypto companies

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