A digital board at Bithumb shows cryptocurrency prices on Tuesday. (Yonhap)
Amid the recent market frenzy surrounding cryptocurrencies like Bitcoin, the volume of deposits and withdrawals made through bank accounts for virtual coin trading has surpassed 64 trillion won ($57.85 billion), data showed Tuesday.
During the first quarter, nearly 64.2 trillion won flowed in and out of real-name bank accounts from commercial lenders, including Shinhan Bank, NH Nonghyup Bank and internet-only K bank, for digital token investments through South Korea’s four major cryptocurrency exchanges — Upbit, Bithumb, CoinOne and Korbit — according to Rep. Kim Byung-wook of the ruling Democratic Party, quoting data from the market watchdog Financial Supervisory Services.
Under the current regulations, all virtual asset service providers must acquire verifiable accounts in their real names from local banks through evaluations on their financial stability as well as…