South Korea’s Leading Monetary Watchdog Joins Probe Into Cryptocurrency Exchanges

South Korea’s top rated fiscal regulator the Financial Solutions Commission (FSC) joined the ongoing probe into area cryptocurrency exchanges Sunday, Could 13.

The FSC will now be having part in the anti revenue laundering investigation, hitherto led by the Money Supervisory Company (FSS), in purchase to support increase its scope, news outlet Korea Periods experiences.

Commenting on the agency’s transfer, Vice Chairman of the FSC Kim Yong-beom has urged regulators around the world to coordinate their regulatory policies on cryptocurrencies.

Subsequent a ask for from the FSS, the FSC will now examine lender accounts belonging to Korean crypto exchanges on compliance with anti-money laundering (AML) standards and other fraud prevention measures. According to Korea Times’ report, the principal subject matter of the expanded audit would be Bithumb, the country’s largest crypto trade which disclosed strategies to start its very own crypto token back again in April.

In accordance to Korea Occasions, Kim Yong-beom has stated that in spite of the investigation into crypto exchanges, the FSC does not oppose the use of blockchain in banking and money expert services and is now analyzing the usefulness of cryptocurrencies as a signifies of payment.

FSC’s chairman has even further noted the need to connect a coordinated worldwide solution to regulatory guidelines on crypto, arguing that “international discussion” is “necessary.”

“We are seeing a continuous advancement of blockchain engineering many thanks to its bigger accessibility and performance. Mainly because this technological know-how has the prospective to shake up present-day rules on securities, regulators have to answer to such a looming obstacle.”

On May possibly 6, the recently appointed FSS governor Yoon Suk-heun took a favourable stance towards crypto, noting its “positive aspects” and claiming that the agency is liable for furnishing “remedies to assistance crypto buying and selling and blockchain know-how get better.”

Previously this 7 days, Cointelegraph documented that South Korean police have begun an investigation into Upbit, just one of the best crypto exchanges in the nation, for alleged fraud. The event has induced a downward trend on the crypto marketplaces.

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