Financial regulators move to scrap the one-exchange-one-bank rule…tilting toward deregulation
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Summary
- Authorities said they are reported to be working on measures to abolish the “one exchange-one bank” practice.
- They said the Korea Fair Trade Commission and the Financial Services Commission plan to promote competition and revitalize the market by easing digital-asset regulations.
- They said authorities are reviewing the introduction of digital-asset derivatives and allowing transactions via corporate accounts to prevent the market from contracting due to excessive regulation.
Financial authorities are reported to be working on measures to abolish the long-standing industry practice of “one exchange, one bank.”
According to industry sources on the 20th (Korea time), the Korea Fair Trade Commission and the Financial Services Commission are in talks to ease regulations related to digital assets. The plan is to overhaul the one-to-one linkage practice between exchanges and banks to spur competition and boost market activity.
Authorities are also said to be reviewing the introduction of digital-asset derivatives and allowing transactions through corporate accounts. The move is interpreted as an effort to bring digital-asset trading into the regulated system while preventing the market from being unduly chilled by excessive regulation.
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