CRYPTO

The best banks in South Korea are seeking more flexibility in encryption exchange partnerships

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The main banks in South Korea called for organizational changes that allow them to cooperate with encryption companies. The banking executive officials invited at a meeting held in the office of the Korean Union of Banks, where they hosted the legislators from the Political Affairs Committee of the ruling power party.

According to the meeting report before Money todayHe was the heads of the largest commercial banks in South Korea, KB Kokmin, Shinhan, Hana, Woori, and Nh Nonghyup, united in calling the regulations that will expand partnerships between exchange exchange and banks. Executive officials from the new Terme Bank Bank and Jeonbuk Regional Bank supported the opinion.

The banks’ interest in the encryption regulations mostly revolve around the country’s system of one bank, which is one exchange. Under these rules, encryption exchange can partnership with only one bank in the country so that anti -money laundering protection can be implemented effectively.

Because of this policy, encryption users must link their real -names bank accounts with encryption trading platforms to reach deposits and clouds.

However, banks believe that this policy causes more harm than benefit. Woour Bank Jeong Jin-Wan believes that the current system has the risks of stability and customer options boundaries who may want to use other banks. Thus, they want legislators to expand the banking partnership.

He said:

“This system raises risks to the stability of the system. Due to the presence of restrictions on the choice of consumer and corporate agents, I ask to expand them to one exchange banks.”

In addition to discussing Crypto, the banking executives also highlighted other issues they found regarding. The head of the Cinhane Bank Jeong Sang-Yuk wants the government to reduce the risk weighting of industrial loans, while the CEO of Hana Bank wants to expand the associated young employment fund.

South Korean banks want to participate in encryption

Meanwhile, recent calls for expanding bank encryption partnerships only continue to only in the direction of commercial banks in South Korea, which seeks to embrace the encryption industry. Strong interest in encryption is due to the opportunity to grow by these commercial banks.

Although the bank executives did not mention this, there is a major issue with one bank, the only exchange system is that it has enabled unfair competition and some banks prefer more than others. according to Maekyung economyK-Bank Digital Bank was the largest beneficiary of this policy.

The base of the new bank users grew from 2.19 million in 2020 to 12.7 million at the end of 2024 due to its partnership with the largest exchange in South Korea, UPbit. This represents more than half of the South Koreans with exposure to encryption.

According to the available data, around it 16 million South KoreaMore than 30 % of the country’s population has encryption investments. 20 % of high -level government officials Also holding encrypted currencies.

Interestingly, the ecological encryption system in South Korea can witness more growth in the coming months, especially since the country is preparing for institutional investment in encryption. The South Korea Financial Services Committee plans to issue instructions for investment of institutional encryption by the third quarter of 2025.

Many believe that organizational clarity will open the industry, and are already preparing a local encryption exchange for that moment. It is not surprising that commercial banks also want a piece of pie.

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