South Korean Government to Supervise Crypto Exchanges

June 20, 2018

The government of South Korea tries to put all crypto exchanges under the country’ Financial Intelligence Unit control. This is to oblige exchanges to follow guidelines against money laundering as banks already do. This is also the first time governmental agency declared to supervise crypto exchanges.

Korea’s Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has held Advisory Committee meeting recently to discuss measures against money laundering and terrorism financing.

“We plan to include virtual currency exchanges under a direct supervision of the AML / CFT (Anti-Money Laundering/ Countering Terrorism Financing) system,” the committee said quoted by Maeil Business.

“This is the first time government agencies have said they will oversee virtual currency exchanges…When the bill is passed, virtual currency exchanges will be obliged to monitor the suspicious money-laundering transactions and report them to the FIU.”

Financial Supervisory Service (FSS) has stated, it also plans tightening control over banks that provide virtual accounts for crypto exchanges. For instance, the banks will have to report to FIU on deposits of over 10 million won a day or over 20 million won a week for crypto transactions as suspicious ones which may lead to money laundering.

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