Banking institutions in South Korea have reportedly requested to not be held accountable for crimes linked to cryptocurrencies such as money laundering. According to local media, financial regulators are now developing rules that could relieve Korean banks from responsibility when screening the crypto exchanges they work with. New Guidelines to Appease South Korean Banks Korean Banks remain reluctant to open real-name accounts for traders on domestic cryptocurrency exchanges, the Korea Herald wrote on Sunday. The reasons hide in recently adopted regulations obliging the trading platforms to partner with local financial institutions. Few of them have managed to do so as banks fear they could be held liable for money laundering, fraud, and other offenses related to cryptocurrency transactions. The Financial Services Commission ( FSC ), South Korea’s main financial regulator, is now considering issuing specific guidelines that may lift part of the burden from the banks, the Korean dai
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