South Korea's 2nd biggest bank tightens its policies on crypto exchanges, indicating stricter regulation

According to local reports, Shinhan Bank, the second largest bank in South Korea behind Kookmin Bank, is tightening its policies on crypto exchanges and plans to create a special team to monitor accounts connected to crypto exchanges. The decision of Shinhan Bank to tighten its oversight on exchanges comes after the recommendation of the Financial Action Task Force (FATF), an intergovernmental agency under the G7, to member countries of the G20 to better regulate the crypto market.

In 2018, the International Monetary Fund (IMF) wrote in its Global Financial Stability Report that while crypto assets have the potential to "make the financial market infrastructure more efficient," it will need to have "appropriate safeguards" to have a positive impact on the global financial sector.