S. Korea: Major Bank's Wage From Crypto Accounts Up X36 From 2016

As of late distributed information from the South Korean Financial Supervisory Service (FSS) demonstrates that in 2017 a few major South Korean banks have earned 2.2 bln won ($2 mln) in commissions from virtual accounts for cryptocurrency contributing, a whole 36 times higher than the 61 mln won ($57,340) made the earlier year, neighborhood news organization Yonhap reports.

The information on the banks' pay was gathered amid an exceptional financial test directed by the FSS and the Financial Intelligence Unit (FIU), first declared Jan. 7.

The test reviewed six major banks, Woori Bank, Kookmin Bank, Shinhan Bank, NongHyup Bank, Industrial Bank of Korea, and Korea Development Bank, to guarantee that they were viably forestalling money laundering in their handling virtual accounts handling cryptocurrency.

As indicated by Yonhap, The Industrial Bank of Korea revealed 675 mln won ($634,500), with NongHyup Bank not a long ways behind with an announced 654 mln won ($614,760).

Since a week ago, an influx of debate has emerged in South Korea over the administration's endeavors to all the more entirely direct crypto markets, similar to the restricting of the utilization of unknown virtual accounts associated with crypto exchanges, prohibiting underage natives and outsiders to put resources into crypto markets, and falsey declaring an aggregate cover prohibition on cryptocurrency trading.

On Jan. 16, a South Korean appeal to against the direction of virtual currency came to more than 200,000 marks, now requiring an official reaction from the administration.