Financial Service Commission comes in on crypto exchange inspection in South Korea

Posted 15 May, 2018

South Korea's Financial Service Commission is said to join the Financial Supervisory Service in the inspection of crypto exchanges in the country and money laundering investigation. 

According to the local media, it will be checked bank accounts of Korean crypto platforms for compliance to the rules against money laundering and other illegal activities.The inspection team is said to target the major cryptocurrency platform Bithumb. 

However, the authorities still do not plan to restrain blockchain use in the banking and financial sectors. They keep determining the extent of effectiveness of cryptocurrencies as a payment method.

"Regarding the unique nature of cryptocurrencies, each country has its own assessment. That means an international discussion and cooperation among regulators to come up with policies on crypto-assets is necessary. We are seeing a steady development of blockchain technology thanks to its greater accessibility and efficiency. Because this technology has the potential to shake up today's regulations on securities, regulators have to respond to such a looming challenge," stated FSC Vice Chairman Kim Yong-beom.

Notably, Seoul enformcement bodies raided Upbit exchange and seizured HDDs and accounting records.

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