South Korean banks will allow to open virtual bank accounts, to users residing in the country and perfectly identified, to operate with exchange houses, where they must also be perfectly registered, being able to operate with Bitcoin and Altcoin, freely.

There has been a lot of talk about possible South Korean bans on exchange houses, Bitcoin and all cryptocurrencies in general. Such has been the controversy, that they have had to leave the presidency and several ministers to deny these measures. The alarms sounded again, when some banks applied restrictions on anonymous bank accounts for the cryptocurrency market. Now, six banks in the country will reissue digital accounts, but in this case following the new regulations.

What has been prohibited in the country are not cryptocurrencies or exchange houses, it is prohibited to have anonymous accounts, accounts for minors and foreigners. Anyone who wants to have a virtual bank account must present their documentation and will not have major problems in having it. The restriction imposes that the name of the exchange house and bank account user be the same, being the same name and identifier. If one of these two elements is not validated, the user will not be able to make the deposit.

In parallel, it is known that six South Korean banks, for now, will issue new commercial accounts for transactions on January 30. Banks will open new accounts with a system that must establish the same name for bank accounts and exchange houses. Right at this point they will close the anonymous accounts. This has been what the vice president of the Financial Services Commission, Kim Yong-beom, has explained.

Yesterday we already told that the Shinhan Bank, the second largest banking institution in the country, would start operating in this field, but now we also know that the NH Bank and the Industrial Bank of Korea will issue these accounts. This transparency also requires the exchange houses to share the data of the users' transactions with the banks. This is a government measure, to control the cryptocurrency market and avoid money laundering.

The country's Minister of Justice totally banned cryptocurrency transactions, but other legislators and regulators, as we have highlighted, completely distanced themselves from this line. The Presidential Office has already said that the general ban was not viable, but that they wanted to regulate the sector. The Government also establishes that there is no general prohibition.