The majority of cryptocurrency exchanges in South Korea are unable to use the new government-mandated system which was recently implemented. Six major banks have installed the real-name system, but only three have decided to offer the service to crypto exchanges. In addition, only the country’s top four exchanges receive this service from banks.
The issue is Korean fiat bankers opening robot accounts for their customers when the customer agree to money laundering rules. But the division is wrong.
Customers who agree to money laundering rules get a break on rates, is the better way to deal with this. Banks can issue fiat bearer cash to anyone, for a price. In other words, price the launders that they reveal their inside information sooner than later.
Th fiat banks own the fiat banking system and are free to set any fiat banking rates. But if other monetary systems want to ignore the laundering protocol, they are free to compete. Remember, fiat bankers have the monopoly ta dollar, they do not need special privileges.
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