Financial Service Commission calls for prompt crypto rules approval

Posted 26 July, 2018

The financial regulator in South Korea reportedly claimed that the local officials must step up and approve the first crypto law promptly. The authority cited that trading platforms for cryptocurrencies involve insufficient security and risks of money laundering.

“While crypto markets have seen rapid growth, such trading platforms don’t seem to be well-enough prepared in terms of security,” said Hong Seong-ki, head of the virtual currency response team at South Korea’s Financial Services Commission.

He also added that the authority is striving to get initially the key rules that may help to fight against money laundering. As the authority noted, the rules are to be approved at the earliest.

South Korea hosts the major global crypto trading platforms (in terms of their turnover), and the exchanges have become a spotlight this year especially after hacks recorded in June. For reference, a member of the ruling party put forward a draft law to expand monitoring back in March. However, the government has not welcomed the rule yet. In case of the positive determination, the exchanges will be directly supervised by the Financial Services Commission. It is expected that the decision will be made till end-2018.

In addition, Hong Seong-ki stated that this supervision should be considered as the official recognition of the cryptos, adding that the authority will focus on the situation on the exchanges rather than boosting the growth of the segment.

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