The chief financial regulator in South Korea will check the local cryptocurrency exchanges

The chief financial regulator in South Korea will check the local cryptocurrency exchanges

The chief financial regulator of South Korea, the financial services Commission (FSC) has joined prodolzhayetsya check the local cryptocurrency exchanges.

According to the publication Korea Times, the FSC will take part in the investigation of cases of “money laundering”, is still engaged financial Supervisory Service (FSS).

Read also the Largest cryptocurrency exchange in South Korea, UPbit, is accused of fraud

Deputy Chairman of the FSC Kim Yong-BIM in a statement on the matter urged regulators around the world to coordinate their policy towards cryptocurrency.

At the request of the FSC-FSS will review Bank accounts belonging to cryptocurrency Korean exchanges and exchange offices, according to standards of combating money-laundering (AML) and fraud prevention. As reported by the Korea Times, the main purpose of the expanded audit will be Bithumb, one of the largest cryptocurrency exchanges in the world that have announced plans to issue its own token in April.

Kim Yoon-BIM stated that, despite the investigation associated with the activities of cryptocurrency exchanges and exchangers, FSC does not oppose the use of blockchain technology in the banking and financial sectors and is currently assessing the usefulness of the cryptocurrency as a means for payment.

See also – Reaction cryptocurrency market on the investigation of Upbit

The Chairman of the FSC further noted the need for global policy coordination to regulation of the cryptocurrency and noted that “international discussion” is “necessary.”

We see sustainable development of blockchain technology due to the greater availability and effectiveness. As this technology can globally change the situation in the field of securities regulators should respond to this challenge.

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