Today, Korean banks start providing cryptocurrency services through the new account system.

January 22nd, the FSC announced that in order for the exchanges to work with the banks, they had to share users transaction data with said banks.

6 banks are introducing this new system, some of which are:

Nonghyup Bank

KB Kookmin Bank

Industrial Bank of Korea

Shinhan Bank

Users can deposit or withdraw cryptocurrencies directly.

Along with this, the Financial Intelligence Unit is preparing several measures to prevent illegal actions related to cryptocurrency, like prohibiting minors investments, as well as preventing illegal funds to be traded in for a cryptocurrency.

The fact that banks can see the information on users who buy or sell crypto means that they have the records to much easily create taxes.