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South Korea: Major bank revenues from cryptographic accounts up X36 From 2016

Data recently released by the South Korean Financial Monitoring Service (FSS) show that in 2017 several major South Korean banks earned 2.2 billion won ($ 2 million) in virtual accounts commissions for cryptocurrency investment, a sum 36 times higher than the 61 million Won ($ 57,340) the previous year, reports the local Yonhap News Agency

Revenues were collected during an unprecedented financial investigation conducted by the FSS and the Financial Intelligence Unit (FIU), announced on January 7th.

The survey inspected six major banks, Bank Woori, Bank Kookmin, Bank Shinhan, NongHyup Bank, Industrial Bank of Korea and Korea Development Bank, to ensure that they prevented effectively money laundering in their management of virtual accounts dealing with cryptocurrency.

According to Yonhap, the report of the Industrial Bank of Korea 675 million won ($ 634,500), NongHyup Bank not far with a ratio of 654 million won ($ 614,760).

Since last week, a wave of controversy has arisen in South Korea regulating crypto-markets, such as banning the use of anonymous virtual accounts related to crypto exchanges, prohibiting citizens and foreigners to invest in crypto-markets, and Falsey announcing a total ban of cryptocurrency trade.

16, a South Korean petition against the regulation of virtual currency has reached more than 200,000 signatures, now demanding an official response from the government.