Cryptocurrency

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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