South Korea Prepares to Regulate Crypto Industry
The South Korean National Assembly’s National Policy Committee is currently deliberating on four cryptocurrency-related bills for the regulation of crypto businesses and protection of investors, Business Korea reported Wednesday.
The country’s top financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. Chairman Eun Sung-soo reportedly said Tuesday:
“We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms.”
The chairman also confirmed that banks providing real-name accounts for cryptocurrency exchanges will not be held fully accountable in the event of money laundering related to cryptocurrency transactions.
He clarified: “According to the current law, transactions at banks entail their duty to report every suspicious transaction to the Korea Financial Intelligence Unit. Fines will be imposed only when banks fail to fulfill the duty.”
Eun was also asked about whether Binance needed to be licensed to operate in South Korea. Several regulators worldwide recently issued warnings on the exchange, including the U.K., Cayman Islands, Thailand, and Japan.
The FSC chairman emphasized that all cryptocurrency exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit, reiterating:
“According to the Act on Reporting and Using Specified Financial Transaction Information, every cryptocurrency exchange providing won settlement must report to the unit.”
Kevin Helms(2021.07.15) South Korean Regulator Analyzing 578 Cryptocurrencies
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