Skip to main content

Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it.

BNK Busan Is Visting Its Competitors to Conduct the Research

According to the Busan.com news outlet, the bank researches how these financial institutions deal with the crypto exchanges amid the forthcoming regulation.

As the banks provide fiat services to the crypto businesses, the legislation set to promulgate on Friday will force them to use the Information Security Management System (ISMS) certification.

That’s the reason why the Digital Strategy Department and the Money Laundering Prevention Department of BNK Busan Bank are making an in-depth investigation on how such a system works and then offering it in the future.

Domestic crypto exchanges will be required to gather real names and social security numbers from their clients through the ISMS system already provided by the major South Korean banks.

Exchanges like Bithumb already have arrangements with the NH Nonghyup Bank for implementing such a system. Also, other domestic companies such as Coinone, Upbit, and Kobit already closed deals with South Korean banks to comply with the legislation.

The local media outlet added that the BNK Busan Bank is considering offering its crypto services, if plans go successfully, to small and medium-sized exchanges such as Copax and Gdac.

Struggles for Small and Mid-Sized Domestic Exchanges to Comply With the Legislation

However, there has been a broad discussion across the industry about the difficulties of implementing the ISMS system. As Bitcoin.com newsdesk reported on January 20, 2021, Heo Baek-young, Bithumb’s CEO, made an apocalyptic forecast for the local crypto firms.

He believes that smaller companies could “struggle” to meet the ISMS certification requirements. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation.

Heo’s words go in line with the complaints of the higher costs the ISMS certification compliance carries for the small and mid-sized exchanges.

What do you think about the plans announced by the BNK Busan Bank? Let us know in the comments section below.



from Bitcoin News https://ift.tt/31kRUZ6
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more