South Korean Financial Services Commission Joins Cryptocurrency Exchanges Review
The Financial Services Commission of South Korea (FSC), the country’s main financial regulator, has joined an ongoing audit of cryptocurrency exchanges, the Korea Times writes. FSC will assist the Financial Supervisory Service (FSS), which is already conducting its own investigation as part of the anti-money laundering program.
FSC will check the bank accounts of Korean cryptocurrency exchanges for compliance with anti-money laundering and other illegal activities. According to the Korea Times, the main target of the new regulatory checks will be Bithumb, one of the largest trading platforms. digital assets in the country and announced in April its intention to launch own cryptocurrency token.
FSC Vice Chairman Kim Yongbeam explained that despite the ongoing investigation, regulators do not intend to restrict the use of blockchain in the banking and financial sectors and continue to assess the usefulness of cryptocurrencies as a means of payment. By to him, a prerequisite for productive work in this area is a coordinated approach and an “international discussion”.
“We are witnessing a steady development of blockchain technology due to its significant availability and efficiency. As this technology has the potential to change today’s regulatory approach valuable papers, regulators need to respond to these emerging challenges, ”he said..
On May 6, the new head of FSS, Yoon Sukheun, spoke in a positive way about cryptocurrencies, noting that his department intends to contribute to the formation of developing financial technologies.
Later it became known that representatives of the Seoul prosecutor’s office visited the office of the Upbit cryptocurrency exchange, where they seized hard drives and accounting documents..
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