[Executive Summary]

• Jeonbuk Bank and Gopax, a Korean crypto exchange, entered a contract where the former agrees to provide banking accounts for Gopax’s KRW market users, allowing Gopax to re-open the fiat money market. Gopax announced its re-opening of KRW market on April 28th, but the actual operation took more time afterward because of the system synchronization, KYC, and the Travel Rule.

As of April 28th, Gopax, a Korean crypto exchange, announced that Jeonbuk Bank agreed to provide accounts and online system linkage for Gopax’s fiat money (KRW) market users. However, the actual operation of the KRW market took a few more months after the announcement because the technical synchronization of the system between Jeonbuk and Gopax needed some time, and Gopax also had to comply with the Travel Rule requirements.

The users who want to trade in Gopax’s fiat money market must open a retail account at Jeonbuk Bank and link the account to their Gopax member account.

As Yoon administration takes over and shows positive signs toward the crypto industry, an increasing number of Korean banks are more willing to deal with crypto exchanges; the regional banks are showing more interest than mainstream banks, because the former sees the crypto market as a chance to expand their digital banking business. Nevertheless, whether Jeonbuk will provide KRW market trading accounts for corporates/entities is unclear.

With a relatively more crypto market-friendly administration, crypto-related businesses may have better access to bank services with increasing availability. In that case, the KRW market would provide a more preferable environment for businesses that aim to increase the number of their retail users. However, it is important to note that such a seemingly trend does not imply the adaptation of the same criteria to corporate traders.