Zuid – 578 analysis of Korean regulator for cryptocurrency

South Korea is discussing four cryptocurrency-related accounts to regulate cryptocurrencies. “We are currently conducting preparatory work looking for and analyzing data on 578 coins of different shapes,” said the head of the country’s main financial regulator.

South Korea prepares to regulate crypto industry
The National Policy Committee of South Korea’s National Assembly is currently discussing four cryptocurrency-related accounts to regulate crypto companies and protect investors, Business Korea said on Wednesday.

The country’s main financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. President Eun Song Soo’s statement on Tuesday:

We are currently doing excavation work to search for and analyze data for 578 coins of different shapes.

The president also confirmed that banks that provide real-name accounts for cryptocurrency exchanges would not be fully liable in case of money laundering related to cryptocurrency transactions.

He explains: “under current law, banking transactions relate to their duty to report suspicious transactions to Korea’s Financial Intelligence Unit. Fines will only apply if banks fail to meet the requirements.”

Yuna was also asked if Binance needed a work permit in South Korea. Several regulatory agencies around the world have recently issued warnings on the stock market, including the UK, Cayman Islands, Thailand and Japan.

The head of the FSC stressed that all cryptocurrency exchanges, both foreign and domestic, should report to Korea’s Financial Intelligence Unit:

In accordance with the reporting and use of such information on Financial Transactions Act, any cryptocurrency exchange that provides earned calculations must report to the unit.

What do you think of the South Korean regulator that evaluates hundreds of cryptocurrencies? Tell us in the comments below.

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