Banks in South Korea are reportedly having to work together with crypto companies as the digital assets regulations of the country become less restrictive.
Last week, South Korea’s Financial Services Commission announced The country would launch a pilot program in the second half of 2025, allowing 3,500 business entities to buy crypto for investments and financial purposes.
Company crrypto transactions have been banned in the country since 2017.
South Korean media -Outlet newspapers report Die Upbit, the biggest exchange in the country, works together with K Bank. The second largest exchange of South Korea, Bithumb, has reportedly also moved her partnership from Nonghyup Bank to KB Kookmin Bank, the largest bank In the country.
The FSC says that the pilot program is expected to expand the level of business participation in the crypto sector. The regulator notes that it also intends to strengthen the security measures around the sector.
“A series of transaction guidelines will be drawn up to provide the correct information to banks to strengthen the verification of the purpose of transactions and the origin of funds, for virtual asset exchanges to make use of custody and management services of third parties and to to expand information openings, made available to investors. Since qualified professional investors can demonstrate different levels of investment capacities, the decision to ultimately spend a real verified account is left to the thorough screening process of banks and virtual asset fairs. ”
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