South Korean BNK Busan Bank offers its services to crypto-exchange
One of the major banks of South Korea BNK Busan Bank offered its services to local cryptocurrency exchanges. The bank has launched a program in which it plans to visit rival banks, which already offer their services to crypto-exchanges.
Representatives of BNK Busan Bank said that in this way they intend to study how the banking structures work with representatives of the crypto industry with an eye on the recently tightened conditions of the South Korean regulator.
The fact is that from today the Korean regulator should make public the law related to cryptocurrency enterprises in the country, which will now be obliged to integrate the information security management system (ISMS).
In this regard, the two internal structures of BNK Busan Bank Department of Prevention of Money Laundering and the Department of Digital Strategy will study in detail exactly how the new system will work before offering the exchanges services related to it.
Under the new rules, South Korean exchanges are forced to collect real names and social security numbers of their customers using the ISMS system provided by large banks. Such "large-caliber" exchanges as Bithumb have already discussed the terms of cooperation with NH Nonghyup Bank on the implementation of the information security management system. Upbit, Coinone and Kobit trading platforms have also entered into deals with various local banks in an effort to comply with the updated law.
In medium and small exchanges things are not going well. Even despite the depressing predictions of local experts about a potential monopoly, small companies are trying to implement the new system by inviting banks to cooperate with them. However, according to Bithumb CEO Heo Back-yun, the rules imposed by the regulator will be able to "survive" from 4 to 7 exchanges of the country.
Small businesses can only hope that sooner or later the regulator will change anger at mercy, and banks will stop inventing short lived reasons in their unwillingness to cooperate with small crypto companies, going against local agencies.