There has been a lot of speculation around South Korea and exactly how the Country will move forward in regards to Cryptocurrency over the past few weeks.
With fake news a plenty, some mainstream news outlets were initially telling us that South Korea were going to outright ban Cryptocurrencies, this turned out to not be true and in fact the Government were looking into regulating Cryptocurrency in the future, what this regulation would is unknown at present.
We also heard how South Korea’s largest bank will not support Cryptocurrency exchanges and both Bithumb and Korbit have stated that their deposits and withdrawals will be halted by the end of the month.
Today thought however we hear that South Korea’s second largest bank Shinhan Bank will support Cryptocurrency Exchanges.
Korbit have now told its users that by the end of January, they will begin accepting deposits and withdrawals from Shinhan Bank accounts instead of Kookmin Bank accounts. The statement read as follows:
“As previously announced, in order to comply with the identification and anti-money laundering regulations being enforced by the government, the current KRW deposit method will be terminated by the end of January 2018.
To use the new KRW deposit method, which is slated to be implemented within this month, you must have a Shinhan Bank account registered under your legal name. Please use this time to create a banking account at Shinhan Bank. We will follow up with further instructions on how to input the new KRW withdrawal account information on Korbit.”
This is good news for traders and has some what relaxed many crypto-enthusiasts within South Korea and the rest of the World for that matter.
South Korean Government officials appear to be looking to put in place some kind of regulation to protect traders and of course tax revenue, but for now at least the future of Cryptocurrency trading in South Korea looks far brighter than it did just a week ago.