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Major South Korean Bank BNK Busan Plans to Offer Banking Services to Domestic Crypto Exchanges

The South Korean crypto frenzy among the banking industry remains on fire, as another major bank is treading waters to offer banking services for crypto exchanges. The BNK Busan Bank launched a program that consists of visiting competitors’ banks that already offer it.
BNK Busan Is Visting Its Competitors to Conduct the Research
According to the news outlet, the bank researches how these financial institutions deal with the crypto exchanges amid the forthcoming regulation.
As the banks provide fiat services to the crypto businesses, the legislation set to promulgate on Friday will force them to use the Information Security Management System (ISMS) certification.
That’s the reason why the Digital Strategy Department and the Money Laundering Prevention Department of BNK Busan Bank are making an in-depth investigation on how such a system works and then offering it in the future.
Domestic crypto exchanges will be required to gather real names and social security numbers from their clients through the ISMS system already provided by the major South Korean banks.
Exchanges like Bithumb already have arrangements with the NH Nonghyup Bank for implementing such a system. Also, other domestic companies such as Coinone, Upbit, and Kobit already closed deals with South Korean banks to comply with the legislation.
The local media outlet added that the BNK Busan Bank is considering offering its crypto services, if plans go successfully, to small and medium-sized exchanges such as Copax and Gdac.

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