Internet banks, including K Bank, are sounding out the possibility of opening accounts with
Cryptocurrency exchanges welcomed the move because they could not open the accounts with traditional banks.
Once K Bank opens accounts with cryptocurrency exchanges, this would enable investors to buy and sell cyber currencies more easily.
However, it is still unclear whether the Financial Supervisory Service (FSS) would allow Internet banks to open accounts with the exchanges.
The FSS officially said any bank can open an account as long as it abides by the regulatory guidelines. However, banks are reluctant to open accounts with cryptocurrency exchanges because Korea has blacklisted the exchanges and initial coin offerings.
South Korean regulators are closely monitoring whether the cryptocurrency exchanges are a haven for laundering money, capital flight and financing crime projects.
