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South Korea is Bipolar on Crypto - 6 Banks Will Now Provide Services to Crypto Exchanges

2,778 views · Published 23 January 2018 · 4:02 · Indexed 8 November 2026

Channel: Thinking Crypto · 2018 · Science & Technology

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http://www.ThinkingCrypto.com The South Korean government has announced that six major banks will be ready to provide services to cryptocurrency exchanges this month. Under the new system, the government requires exchanges to share user data with banks.

The new system called “Real Name System” will end the current practice of virtual account usage which allows anonymous trading of cryptocurrencies. These accounts are issued by banks for crypto exchanges’ customers to use to buy or sell cryptocurrencies at exchanges. This system will go live on January 30th.

“As the government is able to access virtual currency transaction information, it will speed up taxation based on this information.”

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