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South Korea’s Second Biggest Bank Will Support Cryptocurrency Transactions

Korbit and Bithumb, a couple of the cryptocurrency exchanges in the Korean market, have declared that Kookmin Bank deposits and withdrawals will be disabled from the end of January.

Shinhan Bank Will Service Cryptocurrency Exchanges

Provide investors with bank accounts and Kookmin Bank has decided to not encourage exchanges. On trading platforms, every investor is provided with bank accounts with which they can withdraw and deposit Korean won, without having to directly move funds out of and to a real bank account.

Over the last couple of weeks, investors were worried about Kookmin Bank's abrupt decision to shut down virtual bank accounts. Traders feared that other banks would follow the decision of Kookmin Bank and simply cut on financial hyperlinks.

Korbit told its traders and users that by the end of January, the trade would begin accepting deposits and withdrawals before this week. The announcement sent by Korbit to the users

    "As previously announced, to abide by the identification and anti-money laundering regulations being enforced by the authorities, the current KRW deposit method will be terminated by the end of January 2018.

    To utilize you also must have a Shinhan Bank account filed under your name that is legal. Please use this opportunity to make a banking account in Shinhan Bank. We will follow up with further instructions on how to input the newest KRW withdrawal account information on Korbit."

With the statement of Korbit, traders began to not worry about the potential for a trading ban that was cryptocurrency and has gotten relieved. In an official document, the South Korean government stated that it had requested financial institutions and banks within the finance industry to prevent providing markets with banking services.

What Will Happen to South Korean Cryptocurrency Market?

This week, several local media outlets reported that a high ranking fiscal authority in South Korea promised that the government is likely to permit financial institutions to list bitcoin futures since the US Commodities and Futures Trading Commission (CFTC) failed in 2017.

The government official clarified that the market would stabilize and enable the market that was bitcoin to mature, decreasing premiums and excessive speculation.

In the upcoming months, the government will probably roll out regulations that are practical to protect both investors and companies. In a statement, a part of the regulation task force noted that the regulatory roadmap established by markets like the United States and Japan would be followed by the government.

Given the current state of the marketplace and the government's decision to not impose a trading ban in the short-term, the South Korean cryptocurrency exchange market has been fairly optimistic over a previous couple of days, as revealed by the rising cost and volumes of cryptocurrencies in both the South Korean and worldwide sector.