Bank Account Data May Indicate A Rise In South Korean Crypto Activity

A new report has linked a spike in the creation of new bank accounts in South Korea to a rise in crypto trading – an indication that a large influx of new traders in the East Asian nation has taken up crypto in 2021.

In 2018, Seoul created a set of guidelines that requires crypto exchanges to keep their own funds and those of their clients separate in banking procedures.

The guidelines also require all individual customers to create real-name and social security number-authenticated bank accounts. The nation’s “big four” exchanges – Upbit, Korbit, Bithumb and Coinone – have all opted into these guidelines, which necessitates exchanges to strike six-month contracts with domestic banks. Under a soon-to-be-implemented new law, these guidelines will become obligatory for all exchanges in the country.

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