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[Yusra31]

Woori Financial Group, one of South Korea's largest banks, will shortly begin offering bitcoin custody services. Woori will form a joint venture with Coinplug, a blockchain solutions development business with over 300 blockchain patents, according to news from Korea Economic Daily.

While South Koreans have long been interested in bitcoin, its regulatory structure prohibits people from using exchanges to store their funds. Banks have expressed an interest in stepping up and adding cryptocurrency custody in their services as a result of this. Banks, on the other hand, are unable to provide these services on their own and must enter the market through joint ventures.

 

[Wisdom01]

I think there was massive increase of people evading tax by storing their crypto on exchange platforms , and the government actually use the medium to regulate the users investment and taxation by giving banks the job to do , so people could store crypto

 

[ektalakra]

No doubt that South Korea is has a long interest in bitcoin because it is one of the world's most crypto-active countries with a high value of crypto. banks adopting crypto would be good for the economy it will also help attract offline users who are unaware of the crypto market.

 

[gammarays]

That's really great, banks and other financial institutions should lead the way when it comes to global adoption of crypto. Offering financial services using crypto will go another way bringing more customers and keeping up with trends globally. Crypto awareness is increasing at a rapid pace globally. Banks, payment processors, investment firms and others are really grabbing the opportunity that crypto and the blockchain technology provides. It's really a good step in the right direction.

 

[Ben Kempton]

I think there was massive increase of people evading tax by storing their crypto on exchange platforms , and the government actually use the medium to regulate the users investment and taxation by giving banks the job to do , so people could store crypto

Well, apart from tax evasion, money laundering is also a really big issue that is closely associated with the usage of cryptocurrencies in any kind of country. Apart from that, any kind of illegal transaction that involves illegal activity might be conducted using cryptocurrencies. In order to tackle the issue, South Korea did suspend the license and stopped business activities of many cryptocurrency exchanges in the country.

 

[Wisdom01]

Well, apart from tax evasion, money laundering is also a really big issue that is closely associated with the usage of cryptocurrencies in any kind of country. Apart from that, any kind of illegal transaction that involves illegal activity might be conducted using cryptocurrencies. In order to tackle the issue, South Korea did suspend the license and stopped business activities of many cryptocurrency exchanges in the country.

but how can this be resolved fully? , I guess the illegal activities going on in cryptocurrency is spreading more , some government are already making it important for exchange to get license before they can operate so they could actually curb some of the illegal activities , I hope the government find more solution