South Korea Scraps One Exchange-One Bank Rule for Crypto Firms

The National Policy Committee in South Korea is set to debate a bill that would scrap the one exchange-one bank rule for cryptocurrency firms.

The current regulation, introduced in 2018, requires digital asset exchanges to partner with only one bank for real-name account services.

If passed, the amendment would allow virtual asset service providers (VASPs) to obtain real-name verified deposit and withdrawal accounts from one or more financial institutions, giving them greater flexibility and potentially leading to better service terms and lower operational risks.