Concerns are rising that banks could be put on hold in the virtual subsidiary industry due to growing concerns that banks have been used as channels for coin speculators to realize money laundering and market profits, as foreign exchange transactions worth about 4 trillion won have recently been detected in major commercial banks in Korea.

Analysts say that the abnormal transaction has been a negative factor at a time when financial authorities are pushing to ease financial regulations, and the banking sector has persuaded public financial institutions to enter the virtual asset market. The direction of maintaining the virtual asset regulation system is expected to change significantly in the degree of inspection results and sanctions by the Financial Supervisory Service.



The banking sector asked the government to allow virtual subsidiaries, but… Bad news about foreign exchange transactions

According to the financial sector on the 29th, the Korea Federation of Banks suggested allowing banks to invest in virtual industries (expanding incidental work) and virtual industries

(relieving investment restrictions) when the Financial Services Commission conducted a demand survey on regulatory innovation for all financial sectors. Among them, in the case of allowing virtual asset work, it was included in 36 tasks that the Financial Services Commission said it would take precedence.

Specifically, it is known that banks have asked to allow banks to provide all services related to virtual industries, including virtual asset exchanges,

virtual asset storage electronic wallets, virtual asset consignment,

and virtual asset transactions for companies. The banking sector has been voicing its desire to open a way to enter the virtual asset service market to innovate asset management services. If a public bank enters the virtual asset market,

it can prevent the problem of monopolizing a specific exchange and is positive in terms of user protection. The Korea Federation of Banks also wrote a document to recommend such information to the presidential transition committee after the election of President Yoon Seok-yeol.