The income of South Korean banks from crypto-currency accounts increased by 36 times compared with 2016

According to recently published data of the South Korean Financial Supervision Service, in 2017 several large South Korean banks earned 2.2 billion won ($ 2 million) due to virtual accounts used for investment in the cryptocurrency, which is 36 times higher than the income for 2016 – 61 million won ($ 57,340).

Data on the income of banks were collected during an unprecedented financial study conducted by the Financial Service and the Financial Intelligence Unit of South Korea.

The investigation involved 6 large banks: Woori Bank, Kookmin Bank, Shinhan Bank, NongHyup Bank, Industrial Bank of Korea and Korea Development Bank. The goal is to prevent money laundering when processing virtual accounts that process cryptocurrency.

According to the information agency Yonhap, Industrial Bank of Korea reported revenue of 675 million won ($ 634,500), while NongHyup Bank is still behind it, declaring 654 million won ($ 614,760).

Last week in South Korea, a wave of protests over the government’s attempts to more strictly regulate the crypto-currency markets. For example, the ban on the use of anonymous virtual accounts related to crypto-exchange networks, the ban on under-age citizens and foreigners to invest in crypto-currency markets, and, according to unconfirmed reports, a complete ban on trade in cryptocurrency.

On January 16, more than 200,000 people signed a petition against the regulation of the cryptocurrency, and now the South Korean government should give an answer to it.


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