Editor's PiCK
Financial Authorities Begin Discussions on 'Virtual Asset Exchange-Multi-Bank' Partnership
Summary
- Financial authorities are reportedly reviewing a plan to allow virtual asset exchanges to establish real-name account partnerships with multiple banks.
- It was stated that there is a possibility of changing the current 1 Exchange-1 Bank restriction system.
- However, there are concerns about the increased risk of money laundering due to the dispersion of large cash transactions.
It has been reported that financial authorities have begun discussions on expanding the current '1 Exchange-1 Bank' system to a '1 Exchange-Multi-Bank' system.
According to industry sources on the 10th, the Financial Services Commission and the Financial Intelligence Unit (FIU) are reviewing a plan to allow specific virtual asset exchanges to establish real-name account partnerships with multiple banks. Currently, it is an unwritten rule that one exchange can only partner with one bank, but this is not stipulated in the relevant laws.
However, it is reported that the FIU is concerned that if multiple banks partner with an exchange, large cash transactions could be dispersed across several banks, increasing the risk of money laundering and other crimes.
Doohyun Hwang
cow5361@bloomingbit.ioKEEP CALM AND HODL🍀
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