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Bank Indonesia, the Bank of Korea, and South Korea’s Ministry of Economy and Finance have introduced a local currency transaction framework to boost bilateral trade using the rupiah and won. This initiative aims to reduce exchange rate risk and improve transaction efficiency by facilitating direct currency transactions between the two nations, bypassing the need for … Read more
Following the inspections of six major banks this week, South Korean regulators have uncovered some inadequate internal controls for handling cryptocurrency exchanges. Given the government’s strict rules, some banks have decided to stop providing services to cryptocurrency exchanges instead of overhauling their systems further to comply with the regulations. Also read: South Korea Urges 23 Countries, … Read more
The South Korean authorities will start inspecting major banks for their compliance with cryptocurrency regulations on Monday. This move follows the regulators’ recent announcement prohibiting the use of virtual bank accounts for anonymous trading. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales Inspecting 6 Major Banks The South Korean Financial … Read more
