State of Regulation in South Korea: Banks Required to Provide Fair Services to Crypto Exchanges

On October 30, South Korea’s main financial authority officially cleared banks to work with crypto exchanges for the first time in history, establishing a major milestone for the local cryptocurrency sector.

At the state affairs audit, held by both government parties of South Korea to evaluate and track the progress of every government branch and agency under the administration of President Moon Jae-in, Financial Services Commission (FSC) commissioner, Choi Jong-ku, stated that the FSC has cleared banks to work with cryptocurrency exchanges by providing virtual bank accounts.

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