South Korea’s Top Banks Demand Piece of 16M User Crypto Pie
- Leading banks are urging lawmakers to loosen the one-bank-per-exchange rule.
- Over 30% of South Korea’s population (16 million people) now holds crypto.
- More than 20% of high-ranking public officials in South Korea own crypto.
South Korea’s cryptocurrency market is booming, with more than 16 million citizens—over 30% of the population—now holding crypto exchange accounts.
This huge user base has led the country’s top traditional banks to push lawmakers for regulatory changes that they say currently block fair competition and limit innovation in the digital asset space, as per a report from local news outlet Money Today.
Why Are Korea’s Big Banks Pushing for Rule Changes?
At a high-level meeting held this week, executives from the nation’s largest financial institutions—KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, Jeonbuk Bank, and internet-only Toss Bank—urged lawmakers from the ruling People Power Party to revisit the one-to-one partnership rule between banks and crypto exchanges.
Woori Bank’s President Jung Jin-wan argued that local exchanges should be allowed to partner with multiple banks, citing consumer limitations and insti…
The post South Korea’s Top Banks Demand Piece of 16M User Crypto Pie appeared first on Coin Edition.
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South Korea’s Top Banks Demand Piece of 16M User Crypto Pie
- Leading banks are urging lawmakers to loosen the one-bank-per-exchange rule.
- Over 30% of South Korea’s population (16 million people) now holds crypto.
- More than 20% of high-ranking public officials in South Korea own crypto.
South Korea’s cryptocurrency market is booming, with more than 16 million citizens—over 30% of the population—now holding crypto exchange accounts.
This huge user base has led the country’s top traditional banks to push lawmakers for regulatory changes that they say currently block fair competition and limit innovation in the digital asset space, as per a report from local news outlet Money Today.
Why Are Korea’s Big Banks Pushing for Rule Changes?
At a high-level meeting held this week, executives from the nation’s largest financial institutions—KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, Jeonbuk Bank, and internet-only Toss Bank—urged lawmakers from the ruling People Power Party to revisit the one-to-one partnership rule between banks and crypto exchanges.
Woori Bank’s President Jung Jin-wan argued that local exchanges should be allowed to partner with multiple banks, citing consumer limitations and insti…
The post South Korea’s Top Banks Demand Piece of 16M User Crypto Pie appeared first on Coin Edition.
Read More
South Korea Tightens Crypto Reins, Blocks Unregistered Apps on Apple Platform