People familiar with the matter: South Korean encryption exchanges with bank real-name accounts need to prepare at least 3 billion won in reserves from September

Odaily Planet Daily News According to people familiar with the matter, South Korean financial authorities will announce the "bank real-name account issuance standards", including the previous guidelines for the operation of real-name accounts by the Federation of Korean Banks. According to the guidelines, South Korean crypto exchanges that have obtained real-name accounts from banks need to establish a reserve fund of at least 3 billion won and a maximum of 20 billion won from September. Liability for damages to users. According to the guidelines, crypto exchanges must prepare 30 percent of the average daily deposit or 3 billion won (whichever is higher) as a reserve. In addition, the bank also includes multiple standards such as enhanced customer authentication (KYC) and additional authentication when transferring money in its operating guidelines. The operating guidance was originally planned to be implemented from January 2024, but among multiple standards, only the "reserve accumulation" rule will be implemented ahead of schedule from September this year. Rules related to reserves are expected to become a condition for issuing real-name accounts, as South Korean financial authorities have also pushed for the process. (News 1)