One of the biggest issues regarding the amendment of the Act on Reporting and Using Specified Financial Transaction Information (hereinafter “the Amendment”) was the ‘bank real name verification deposit and withdrawal account’ (i.e. “real-name account”).

As of now, when the deadline for VASP declaration registration is overdue, only 4 eschanges are equipped with real-name accounts.

In the interview, partner attorney Ohoon Kwon explained the reason why the procedures to launch real-name accounts are difficult, but why organizing the Amendment to include the banks to launch real-name account is still important for securing the right of choice of the consumers.

 [CoinDesk Korea 2021-10-11]

URL: Why Banks are Hesitating to Issue Real-Name Accounts to Coin Exchanges