The Bank of Korea has established the "Guidelines for the Operation of Real-Name Accounts for Virtual Assets," requiring exchanges to maintain a reserve of no less than 3 billion won
According to ChainCatcher news, as reported by News1, the Korea Banking Association is negotiating with Korean financial authorities and virtual asset exchanges to establish the "Guidelines for the Operation of Real-Name Accounts for Virtual Assets," aimed at enhancing the protection of virtual asset users and preventing activities such as money laundering. Among them, banks require virtual asset exchanges to fulfill their liability for user damages (issues such as hacking, computer failures, etc.) and to maintain a reserve of no less than 3 billion won; additionally, banks plan to implement enhanced customer verification procedures for real-name account users annually, including requiring additional authentication for reclaiming transfers and restricting reclaiming transfers for accounts that have not been used for a long time. Banks plan to categorize user accounts into limited accounts and normal accounts, restricting their deposit and withdrawal limits; they have also established anti-money laundering standards and procedures related to real-name authentication.
