TagFSC

South Korea's National Assembly to Engage in First Crypto Debate: Possible Outcomes

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south korea bitcoin crypto regulation

On December 10, South Korea’s National Assembly along with several members of the Congress are set to hold the country’s first official debate around crypto involving high profile government officials. Expected Talking Points of the Debate The meeting, arranged by the local market’s largest cryptocurrency exchanges including Upbit, Bithumb, Korbit, Gopax, and Coinone, will have executives of...

Exclusive: South Korea Reveals New [Positive] Crypto Regulatory Guidelines

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Bitcoin South Korea Cryptocurrency

Financial Services Commission (FSC), the main financial agency of South Korea, has revealed a new crypto regulatory framework and guidelines pertaining to anti-money laundering (AML) and Know Your Customer (KYC) requirements for crypto exchanges. Stricken Crypto Regulations, Positive Changes In its new money laundering prevention guideline targeted at crypto exchanges, the FSC tightened existing...

Global Money Laundering Watchdog Briefed on Korea's Crypto-Friendly Rules

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South Korea’s financial watchdog has reportedly briefed a major global anti-money laundering body of its rules for domestic cryptocurrency transactions. South Korean authorities, who have notably adopted a friendly stance on non-anonymous cryptocurrency trading in the country this year, have briefed the Financial Action Task Force (FATF) of South Korea’s domestic guidelines for cryptocurrency...

Korea's Opposition Party Rallies Against Proposed Cryptocurrency Trading Ban

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As recently reported by CCN, the cryptocurrency market took a hit after the South Korea Ministry of Justice revealed it plans to continue drafting a cryptocurrency trading ban bill. The market soon started to recover, after the South Korea Ministry of Strategy and Finance came forward and stated that it does not support nor agree with the Ministry of Justice’s ban proposal. Any draft legislation...

South Korea's Biggest Banks Face Inspection into Cryptocurrency Accounts: Report

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Kookmin Bank Korea Cryptocurrency

South Korean authorities are reportedly launching inspections into bank accounts related to cryptocurrency exchanges to crack down on money laundering and speculative trading. According to Korean publication Yonhap, South Korea’s Financial Intelligence Unit (KoFIU) and the Financial Supervisory Service (FSS) are jointly inspecting banking accounts provided to cryptocurrency exchanges in six major...

Bitcoin Legalization Draws Caution from Korea’s Financial Regulator

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Korea’s primary financial regulator is striking a cautious tone ahead of the proposed set of bills seeking to legalize and regulate cryptocurrencies like Bitcoin and Ethereum in the country. Yesterday, lawmaker Park Yong-jin, a lawmaker and politician of the country’s ruling Minjoo Democratic Party publicly revealed his effort to draft three legislative revisions to existing laws in order to...