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.

Previous story

15 May, 2018 13:54

← US dollar improves on US state-bonds recovery

US dollar has posted some gains on Tuesday after hitting the bottom a day before. The increase is related to softer trade tensions in the international market, which pushed state-bonds yield above 3% again. The US Dollar index rose to some 92.62 after touching the bottom at  92.11 since the start of May. The US dollar benefited from the recovery of US state-bonds yield...

US dollar improves on US state-bonds recovery

Next story

15 May, 2018 11:21

CME Group announces new ETH tools →

The major derivative exchange in North America – CME Group – has announced a joint launch of two new tools in cooperation with UK's Crypto Facilities: Ethereum reference rate and ETH-USD index. The new tool will give reference rate in the US dollar terms every 24 hours and ETH real-time index. The calculations will be based on transactions and...

CME Group announces new ETH tools
Write a comment
 
Prove you’re not a bot + 5 = 23