Shinhan Bank, the second largest bank in South Korea, announces that it will support operations with cryptocurrencies through digital accounts, allowing residents in the country to operate with the Exchange easily and safely.

The start of the year has been especially turbulent and has been plagued by misinformation and incorrect information regarding the cryptocurrency market. Many have taken advantage of a usual correction situation during the month of January to attack the market for Bitcoin and cryptocurrencies. Statements by the South Korean Minister of Justice, who intends to outlaw cryptocurrencies, have been used as an attack measure, but the South Korean government has already said that regulation yes, but illegalization no. So much so, that the second bank in the South Korean country, supported cryptocurrency exchanges.

Kookmin Bank, the largest financial institution in South Korea, has decided for now not to support cryptocurrency exchange and to provide virtual bank accounts to cryptocurrency investors. Some South Korean platforms offer investors the option of creating a virtual bank account in which to withdraw or deposit Korean won, without the need to move funds directly from and to bank accounts to real accounts.

Kookmin Bank's decision to close these virtual bank accounts sparked investors' fear. Many feared that other banks would take over the decision of this bank or that they would simply cut off financial operations with exchange houses. This week Korbit has already said that only residents of South Korea will be able to conduct operations in the country. Shinhan Bank, against these movements, at the end of the month will allow the implementation of deposits and withdrawals.

Korbit has sent the following message to users: 'As previously announced, to comply with the identification and anti-money laundering regulations applied by the government, KRW's current deposit method will end at the end of January 2018.

To use the new KRW deposit method, which is scheduled to roll out within this month, you must have a Shinhan Bank account registered under your legal name. Use this time to create a bank account at Shinhan Bank. We will follow up with further instructions on how to enter the new KRW withdrawal account information in Korbit '

This announcement is a great relief for operators, who began to fear a blockade in the country. Prior to this, in an official document, the South Korean government has requested financial institutions and banks within the regulated financial industry to prevent the provision of banking services to exchange houses.