The Financial Services Commission in South Korea reaffirms banking support for local cryptocurrency exchanges. “There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges,” Choi Jong-Ku, commissioner. The cryptocurrency space in South Korea will fully enjoy support from the commercial banks in the country following an announcement by the commissioner of Financial Services Commission (FSC), Choi Jong-Ku. The commissioner has indorsed the government decision to allow cryptocurrency exchanges to open virtual accounts with banks. Choi Jong-Ku said this following a recently concluded audit of all the state agencies along with commissioners. He reiterated that the only condition is that the exchange companies keep the KYC and AML systems in check. Choi stated: “There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges. If digital asset trading platforms have KYC and AML systems in place, there is no problem in issuing virtual bank accounts to exchanges.” The exchanges in South Korea have come up with an exclusive system referred to as virtual bank accounts. These accounts give their customers a simple means which they can use to deposit and withdraw the local currency instantly. In addition to that, this system allows the customer to store the South Korean won on crypto exchanges. The confirmation by the commissioner of FSC means the crypto entities will not lack banking support. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR/USD remains weak, eyes on 1.1297 – UOB FX Street 4 years The Financial Services Commission in South Korea reaffirms banking support for local cryptocurrency exchanges. "There exists no issue in banks providing virtual bank accounts to cryptocurrency exchanges," Choi Jong-Ku, commissioner. The cryptocurrency space in South Korea will fully enjoy support from the commercial banks in the country following an announcement by the commissioner of Financial Services Commission (FSC), Choi Jong-Ku. The commissioner has indorsed the government decision to allow cryptocurrency exchanges to open virtual accounts with banks. Choi Jong-Ku said this following a recently concluded audit of all the state agencies along with commissioners. He reiterated that the only condition… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.