South Korea Considers Abolishing 'One Exchange, One Bank' Regulation to Open Up the Market

According to a report by the Korea Herald Economy on January 20th, South Korean financial authorities have begun deliberations on abolishing the 'One Exchange, One Bank' system for cryptocurrency exchanges. The Fair Trade Commission and the Financial Services Commission are advancing discussions, aiming to announce a detailed plan within the year. Currently, in South Korea, each exchange can only link real-name accounts with a specific bank, a practice established to prevent money laundering. This restriction has ensured that only the top five companies (Upbit, Bithumb, Coinone, Korbit, Gopax) have secured bank partnerships, creating barriers to new entrants. A research report obtained by the financial authorities suggests that this practice could be eliminated...