In a draft banking proposal to be submitted to the Presidential Transition Council recently, the Federation of Korean Banks suggested allowing banks to offer virtual asset businesses.
The proposal states: Amendments to the Act on the Reporting and Use of Certain Financial Transaction Information (Special Act) focus primarily on anti-money laundering and are therefore insufficient to protect users from market instability, such as some virtual asset providers. In order for banks to enter virtual asset-related businesses, he suggested adding the virtual asset industry to the ancillary business of banks under the Banking Act.
In addition, a banking industry official stated that we want to allow banks to operate all types of virtual asset industries as defined in the Virtual Asset Industry Law that will be enacted in the future. It includes all services dealing with virtual assets. It aims to open up new markets as a bank and manage virtual assets through a bank that users can trust.
