Will the one-to-one partnership between KRW Markets and banks be reformed? Industry-wide survey [Crypto Briefing]

[Financial News] Financial authorities are reportedly reviewing industry practices surrounding the one-to-one real-name account partnership between KRW Markets and banks. The move is part of efforts to determine whether the current real-name deposit and withdrawal account structure can handle an influx of corporate investors, as the government prepares follow-up steps to its roadmap for corporate participation in the virtual asset market. Industry observers are also discussing the possibility of linking virtual asset services through securities companies' Mobile Trading System (MTS), alongside models such as one KRW Market with multiple banks and one bank with multiple KRW Markets.
According to the industry on the 1st, the FSC recently collected opinions and conducted a survey of KRW Markets and their partner banks on the structure for issuing real-name accounts and their ability to accommodate corporate clients. At present, KRW Markets provide won deposit and withdrawal services through partnerships with a single bank, such as Upbit-K Bank, Bithumb-KB Kookmin Bank, Coinone-KakaoBank Corp, Korbit-Shinhan Bank, and GOPAX-THE JEONBUK BANK LTD. Authorities are said to have gathered views from the industry on what changes could occur in the number of tradable users, KRW deposits, and average daily trading volume if the one-to-one partnership practice is eased.
The survey is seen as part of efforts to assess the capacity of banks and exchanges for the phased implementation of the government's roadmap for corporate participation in the virtual asset market. Last June, the FSC allowed the opening of corporate accounts for cash conversion purposes for nonprofit organizations and others in the first phase. It later proposed a pilot program allowing professional investors, excluding financial firms, to trade virtual assets for investment and financial purposes. The second phase covers about 2,500 listed companies and about 1,000 corporations registered as professional investors. The third phase, which would expand participation to general corporations, has been classified as a medium- to long-term issue. The FSC said in its roadmap that full permission for general corporations would be discussed later, after reviewing the results of the pilot program for professional investors and after related systems such as foreign exchange and taxation are improved through second-phase legislation. As a result, the current survey is less about immediately allowing full trading by general corporations and more about checking the real-name account structure, AML systems, and banks' risk management capabilities in preparation for a possible expansion of the corporate market in the future.
An industry source said, "Commercial banks and Internet-only banks that have not yet formed real-name account partnerships with KRW Markets are reviewing the possibility of working with multiple KRW Markets," adding, "Securities companies are also exploring ways to link virtual assets within their own MTS platforms." The source added, "If corporations and professional investors with strong financial resources enter the market and multiple bank account partnerships are allowed, it could help reduce volatility in a retail-driven market and improve market soundness."
The recent trend of traditional financial firms expanding equity investments and strategic partnerships with KRW Markets follows the same pattern. Overseas, the integration of virtual asset services by financial firms is becoming increasingly clear. In April, Mirae Asset Securities Hong Kong obtained a Hong Kong digital asset retail license from the SFC and unveiled its integrated investment platform, MAPS, last month. Through the platform, local retail investors in Hong Kong can access stocks, bonds, and virtual assets from a single mobile platform.
Another industry source said, "We are collecting opinions to comprehensively compare and analyze the AML system and banks' risk management capabilities following the allowance of corporate accounts," adding, "The detailed method and timing of approval will be adjusted depending on the readiness of the banking sector and conditions within the virtual asset market."

elikim@fnnews.com Kim Mi-hee Reporter