South Korea advises on four crypto-related bills regulating cryptocurrencies. “We are currently working on finding and analyzing data on 578 coins in various forms,” said the chairman of the country’s top financial regulator.
South Korea is preparing to regulate the crypto industry
The National Policy Committee of the South Korean National Assembly is currently discussing four cryptocurrency-related bills to regulate crypto businesses and protect investors, Business Korea reported on Wednesday.
The country’s top financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. Chairman Eun Sung-soo reportedly said on Tuesday:
We are currently doing the groundwork by finding and analyzing data on 578 coins in various forms.
The chairman also confirmed that banks offering real name accounts for cryptocurrency exchanges will not be fully accountable for money laundering related to cryptocurrency transactions.
He clarified: “Under current law, bank transactions are required to report any suspicious transaction to the Korea Financial Intelligence Unit. Fines are only imposed if banks fail to comply. “
Eun was also asked if Binance needs to be licensed to operate in South Korea. Several regulators around the world have recently issued warnings regarding the exchange, including the UK, the Cayman Islands, Thailand and Japan.
Stressing that all cryptocurrency exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit, the FSC Chairman reiterated:
Under the Law on Reporting and Use of Specified Financial Transaction Information, any cryptocurrency exchange offering a won settlement must report to the entity.
What do you think of the South Korean regulator that rates hundreds of cryptocurrencies? Let us know in the comment section below.
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