top regulator the Financial Services Commission (FSC) joined the ongoing probe into local Sunday, May 13.
The FSC will now be taking part in the anti money laundering , hitherto led by the Financial Supervisory Service (FSS), in order to help expand its scope, news outlet reports.
Commenting on the agency’s move, Vice Chairman of the FSC Kim Yong-beom has urged regulators worldwide to coordinate their policies on .
Following a request from the FSS, the FSC will now check bank accounts belonging to Korean crypto exchanges on compliance with anti-money laundering () standards and other prevention measures. According to Korea Times’ report, the main subject of the expanded audit would be , the country’s largest crypto exchange which plans to launch its own crypto token back in April.
According to Korea Times, Kim Yong-beom has said that despite the investigation into crypto exchanges, the FSC does not oppose the use of blockchain in and financial services and is currently evaluating the usefulness of cryptocurrencies as a means of payment.
FSC’s chairman has further noted the need to communicate a coordinated global approach to regulatory policies on crypto, arguing that “international discussion” 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.”
On May 6, the newly appointed FSS governor Yoon Suk-heun a favourable stance towards crypto, noting its “positive aspects” and claiming that the agency is responsible for providing “remedies to help crypto trading and blockchain technology get better.”
Earlier this week, Cointelegraph reported that South Korean have started an investigation into Upbit, one of the top crypto exchanges in the country, for alleged fraud. The event has a downward trend on the crypto markets.
Published at Sun, 13 May 2018 20:06:55 +0000
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