South Korea Debates Scrapping One Exchange-One Bank Rule for Crypto Firms

The South Korean government is set to debate a bill that would scrap the 'one exchange-one bank' rule, a regulation requiring digital asset exchanges to partner with a single bank for real-name account services.

The proposed amendment would allow virtual asset service providers (VASPs) to obtain real-name verified deposit and withdrawal accounts from one or more financial institutions, rather than being limited to a single bank.

This change could significantly alter the operational landscape for crypto exchanges in South Korea, as they have long complained that the rule limits their ability to scale services and negotiate favorable terms with banks.