According to a report on May 14, South Korea has implemented a real-name trading system for encrypted digital currencies for more than 100 days. Since banks only choose to provide real-name account opening services for large-scale exchanges, no small and medium-sized exchanges have implemented real-name systems. Only 30% of accounts have completed real-name certification.
In the more than 100 days since the Korean financial authorities promoted the real-name system of cryptocurrencies, since the banks only provide real-name services to large-scale exchanges, the real-name system has not been implemented for a small-scale exchange, so the real-name system has had little effect.
The South Korean news media pointed out that the failure of the authorities to effectively implement the real-name system will lead to illegal trade in South Korea. A bank official said that although financial regulators are working to solve this problem, the new cryptocurrency exchanges have grown rapidly, making the cryptocurrency market more disorderly.
Although there are six banks with real-name systems, KB Kookmin and KEB Hana Bank did not issue real-name accounts to any exchange. Shinhan Bank also did not release the news on the grounds that the exchange "has not implemented the recommendations of the Korea Communications Commission after the hacking incident."
It is reported that so far, South Korea has implemented the real-name system of cryptocurrency exchanges only Upbit, Bithumb, Coinone, and Korbit. Some people say that using such an account can lead to problems like Coinnest, whose CEO is accused of embezzling public funds. It is understood that the South Korean prosecutors also conducted an investigation on Upbit last Friday, although the bank is providing real-name services to the exchange.
Despite this, since all small and medium-sized exchanges are excluded from the real-name system, some media sources reported that “some observers suspect that the financial authorities are trying to expand the operations of major exchanges and stifle other small and medium-sized exchanges.â€
In addition, the authorities failed to implement a real-name trading system, which led to illegal transactions. This has led to more and more people worried that the market will be further disrupted, as more and more foreign exchanges are entering the Korean market.
According to the Korea Commercial Bank, under the current law, the financial authorities have no right to supervise the trading of cryptocurrencies, so they indirectly check the actual situation through the bank. Regulators have repeatedly explained that banks themselves decide whether to open real-name accounts in cryptocurrency transactions.
However, banks may be subject to anti-money laundering supervision, and financial authorities can conduct in-depth investigations if problems arise. A bank official said: This is a huge risk for banks.
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