Financial Commission Raises Need to Review 'One Exchange - One Bank' System
The Financial Services Commission has stated that it needs to review the 'One Exchange - One Bank' system after the implementation of the second phase of legislation. According to a report from the National Assembly's Political Affairs Committee on the 26th, the Financial Commission mentioned that the current system's impact on money laundering through the use of digital assets and the market size has not been sufficiently confirmed regarding the proposed amendment to the Specific Financial Information Act. The 'One Exchange - One Bank' system is a regulation that allows one exchange to enter into a real-name verification deposit and withdrawal account contract with one bank after the introduction of the virtual asset business registration system. Kwak Hyun-jun, the chief expert of the Political Affairs Committee, stated that while this system has played a positive role in investor protection and anti-money laundering, there are also criticisms that it lacks regulatory justification and limits user choice. He also added that there are conflicting opinions regarding the impact of this system on market concentration from a competitive standpoint among exchanges. Chief Expert Kwak emphasized that whether to abolish the 'One Exchange - One Bank' system by law should be decided by comprehensively considering both positive and negative aspects and the second phase of digital asset legislation.
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