South Korean Bank Issues First Crypto-Related Account

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Reports coming from South Korea disclose that local banking institution Shinhan has begun to issue a corporate account for crypto-related activities, making it the country’s first bank to offer such services. Based on media outlets, the bank is allowing users of the cryptocurrency exchange Korbit to open company accounts for crypto transactions.

Banks in South Korea have been exploring avenues to get into the cryptocurrency sphere following the increased adoption of the nascent assets by the citizens. Earlier this year, the Korea Federation of Banks outlined its plans to seek licensing from the coming political dispensation to offer virtual currencies services to customers. 

Shinhan Paves the Way for Other Financial Entities 

The authorization of corporate accounts to cryptocurrency-related entities follows the debate of the implementation of the Financial Transaction Information Act. Before now, corporate bodies used to offer virtual currency investments indirectly through a third party. 

Shinhan Bank has demonstrated that its a leader in the country’s banking sector with the offering of corporate accounts to registered businesses and users dealing in cryptocurrency. As the first bank in the jurisdiction to open cryptocurrency-related accounts, Shinhan has led the way for other corporations to drive the use of virtual assets in the nation.

As per the new development, businesses with accounts in the bank can exchange their fiat for crypto with its partner, Korbit. According to the stipulated laws, only validated and approved crypto exchanges can operate in the country and partner with banks to offer such crypto services. 

The move pinpoints the bank’s mission to gain more corporate funding into the virtual currency market. Since Shinhan is offering trading accounts to registered businesses, it will be easier to monitor transactions and detect any illegal activity. A few KDAC members can also open corporate accounts. 

Firms Need to Move with the Trend

Findings reveal that the financial transaction information bill initially forbade the use of corporate accounts for crypto-related activities. This prevented banks from indulging in the corporate investment market. 

However, it seems South Korean companies have decided to move ahead with the times. Blockchain Association of Korea expressed satisfaction with the move made by Shinhan Bank, adding that companies operating in the region need to follow the global trend as regards virtual currencies.

Other registered cryptocurrency exchanges like Bithumb are expected to hit the news soon concerning its collaboration for corporate account trading. At the moment, the crypto platform is planning a collaboration with NH Bank to offer corporate accounts for digital currencies.

UPbit is also reportedly planning a partnership with K Bank for the same reason. Based on this writing, about 4,400 corporate investors are involved in day-to-day crypto dealings in the country. 


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