The financial regulator of South Korea intends to cooperate closely with the authorities of China and Japan in the development of rules of trade cryptocurrencies.
As reported by Yonhap News, representatives of the Korean financial services Commission (FSC), as well as representatives of appropriate agencies in Japan and China met last month to discuss monitoring of investment activity in crypto-currencies.
FSC Chairman Choi Jong-ku told reporters that the countries plan to cooperate to curb speculative investment. It is reported that Jong-ku called investing in cryptocurrencies “irrational”:
The rush of speculative investment in cryptocurrency continues… despite the fact that they still can’t play the role of means of payment.
Recently, the financial Supervisory Service (FSS) of South Korea, and Department of financial monitoring has reported that they have begun checking the six banks, for compliance with the new rules for combating money laundering.
See also One of the reasons for the decline of the cryptocurrency market – update on Coinmarketcap.com
These banks have ties with the South Korean cryptocurrency industry. It is important to note that the volume of trading in this niche in South Korea often surpass the volume of other markets, and the price of a cryptocurrency is also significantly above the world average. The difference in price was so significant that one of the leading information sites in the field of cryptocurrency – CoinMarketCap excluded the three largest Korean exchange their ratings.