When it comes to cryptocurrency adoption, the country that is constantly making it to the headlines in South Korea. The country has been adopting cryptocurrencies on an entirely new level and is determined to give cryptocurrencies a local status.
The cryptocurrency adoption and central bank digital currencies have now become the hottest topic in South Korea now. Even the banks in the entire country are now adopting cryptocurrencies and coming up with newer ways to offer cryptocurrencies to their clients.
As per the latest reports, another bank from South Korea is now determined to provide services to the cryptocurrency industry. It has been reported that another bank from South Korea is now determined to provide banking services to the exchanges that belong to the cryptocurrency sector.
The name of the bank is BNK Busan Bank, which is one of the major and an old bank in South Korea. According to reports, the bank is in the process of launching a new program that is somewhat unique in its own tendency.
It has been reported that according to BNK Busan Bank’s new program, it will be visiting the banks of its competitors in order to conduct research. The officials of the BNK Busan Busan have revealed that the teams working in the program will be collaborating with the competitor banks.
There, they will thoroughly study how the banks are adopting the cryptocurrency industry and how they are interacting with the cryptocurrency exchanges. The major part of the research would revolve around the regulatory adherence being demonstrated by the banks in dealing with the crypto-firms.
Furthermore, the BNK Busan Bank research team will also study the strategies that the financial institutions have devised in order to deal with the upcoming regulator guidelines in cryptocurrencies.
It has been reported that the financial institutions in South Korea dealing with crypto-firms will be required to have a certification for the Information Security and Management System (ISMS).
The regulatory authorities in South Korea had announced that having the ISMS certification would be a must starting Friday, March 26, 2021. This would be applicable for the banking firms that are currently involved in providing fiat currencies to the crypto-firms.
That is the reason why BNK Busan Bank’s Money Laundering Prevention Department and Digital Strategy Department are going for in-depth investigation and study of the regulations. After going through all the checks and thorough study, the bank will decide as to how it is going to offer services to crypto-exchanges in the future.
In accordance with the ISMS certification, the cryptocurrency exchanges operating in South Korea will be required to acquire the PII of the users. The information that they must acquire from their clients is their real names and their social security numbers.