Bithumb Extends Real Name Account Contract with South Korean Agricultural Association Bank

03/17/2023 03:15 • Daily Digest • 71 views

On March 17th, the South Korean Cryptographic Exchange Bithumb announced that it would extend the cooperation agreement with the South Korean Agricultural Association Bank for the real name confirmation deposit and withdrawal service for another year. Bithumb explained that the renewal of the real-name account issuance contract with the South Korean Agricultural Association Bank has entered the final stage and plans to sign a formal contract before the contract expires on March 24th. Therefore, Bithumb customers can continue to use the service through their existing accounts.

Korea Cryptographic Exchange Bithumb to Renew Agreement with Agricultural Association Bank Real Name Account Cooperation for 1 Year

Analysis based on this information:

In recent years, South Korea has made significant efforts to regulate the use of cryptocurrencies in the country. One such regulation involves the real-name verification system, which requires all cryptocurrency investors to link their accounts with their real names as registered with the bank. The purpose of such a rule is to curb illegal activities, such as money laundering and financial fraud, which have been facilitated by anonymous cryptocurrency transactions.

Bithumb, one of the largest cryptocurrency exchanges in South Korea, has been cooperating with the South Korean Agricultural Association Bank to provide the real-name confirmation deposit and withdrawal service since 2018. The exchange has now announced that it will be extending this agreement for another year. According to Bithumb, the renewal of the real-name account issuance contract with the South Korean Agricultural Association Bank has entered its final stage and is expected to be signed before the expiration of the contract on March 24th.

The extension of the cooperation agreement is good news for Bithumb customers as they can continue using the real-name confirmation deposit and withdrawal service through their existing accounts. It also strengthens Bithumb’s relationship with the South Korean Agricultural Association Bank as the two entities work together to ensure the integrity and legality of cryptocurrency transactions in the country.

Another significant development in the regulation of cryptocurrencies in South Korea is the upcoming enforcement of the revised Act on Reporting and Use of Certain Financial Transaction Information. The law requires all cryptocurrency exchanges and virtual asset service providers to register with the Financial Services Commission, which is the primary financial regulatory body in South Korea. The registration process involves complying with anti-money laundering and know-your-customer regulations.

In conclusion, the extension of the cooperation agreement between Bithumb and the South Korean Agricultural Association Bank is a positive step towards improving the legality and transparency of cryptocurrency transactions in South Korea. It shows the commitment of both entities to cooperate in the regulation of the cryptocurrency market. The keywords for this development are cryptocurrency exchange, real-name confirmation, and South Korea Agricultural Association Bank.

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