executives of the five major commercial banks in South Korea (KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NH Nonghyup Bank) met with ruling party lawmakers to request relaxation of regulations on bank cooperation with cryptocurrency exchanges. Woori Bank President Jung Jin-woon specifically suggested allowing exchanges to collaborate with multiple banks, instead of the current "one exchange corresponding to one bank" model, to reduce systemic risks and expand consumer choices. Currently, South Korean regulations require exchanges to cooperate with banks in order to provide fiat-to-cryptocurrency exchange services, and users must register real-name bank accounts to use deposit and withdrawal services.
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South Korea's five largest commercial banks call for relaxation of rules for cooperation with crypto exchanges
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