South Korea: Financial Regulators To Examine Banking institutions… | News


South Korean economic regulators will investigate area banking institutions over compliance with anti-money laundering (AML) suggestions for functions with cryptocurrency exchanges, as described by a area information outlet Yonhap News yesterday, March 21.

According to Yonhap, the Financial Intelligence Unit (KoFIU) and the Financial Supervisory Commission (FSC) will begin analyzing the corporate accounts of crypto exchanges in Korean banking institutions upcoming month.

In December 2017, FSC declared that it will ban nameless cryptocurrency investing and involve traders’ accounts on cryptocurrency exchanges to be connected with financial institution accounts registered less than their real names, beginning from Jan 30 this year.

After denying reviews of an alleged cryptocurrency investing ban in the state as untrue, South Korean Finance Minister Kim Dong-yeon reaffirmed that the governing administration will not ban or “suppress” the cryptocurrency current market.

On March 6, the governing administration of South Korea banned its community officers from keeping and investing cryptocurrencies less than the civil servants’ regulation. On Feb. 24, South Korean Blockchain Market Affiliation declared that it will examine 33 of its users, among which are the Coinone, Bithumb, and Korbit cryptocurrency exchanges to consider their compliance with self-regulatory steps.

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