[THE INVESTOR] Major Korean banks earned 2.2 billion won (US$2 million) last year in commissions for providing virtual accounts to cryptocurrency investors, government data showed on Jan. 18.

The amount compares with just 61 million won the six banks made in commission from cryptocurrency traders in 2016, according to statistics from the Financial Supervisory Service.

Industrial Bank of Korea took in the most, with 675 million won, followed by NongHyup Bank at 654 million won. Shinhan Bank reported 621 million won, followed by KB Kookmin Bank with 151 million won, Korea Development Bank with 61 million won and Woori Bank with 59 million won.
The total balance of virtual currency held in accounts at the six banks rose to 2.06 trillion won last year from 32.2 billion won the previous year.

The government has been striving to rein in the virtual currency frenzy in Asia‘s fourth-largest economy while contemplating a bill to ban cryptocurrency exchanges.

Amid concerns over a bubble, the government last month banned the opening of new virtual accounts for cryptocurrency investors and required virtual currency traders to change their virtual accounts to real-name ones.

Korea is home to one of the world’s biggest private bitcoin exchanges, with more than 2 million people estimated to own some of the best-known digital currency.

By Alex Lee and newswires (alexlee@heraldcorp.com)