THELOGICALINDIAN - The South Korean Financial Services Commission is finalizing its proposals to adapt cryptocurrency exchanges This follows an beforehand Bitcoin Regulation Act submitted by administrator Park Yongjin Meanwhile the prime abbot is actual anxious about the advance and risks of cryptocurrencies including bitcoin and has alleged for actual activity
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Requirements for Crypto Exchanges
The South Korean Financial Services Commission (FSC) is finalizing proposed regulations for cryptocurrency exchanges. According to The Hankyoreh circadian bi-weekly on Tuesday, the proposed regulations “would amusement the operation of cryptocurrency exchanges (such as Bithumb, Coinone, and Korbit) as crooked fundraising.”
Currently, cryptocurrency exchanges abatement beneath the Act on Consumer Protection in Electronic Commerce Transactions. That agency “they can be operated as an e-commerce website by anyone who registers as an online vendor,” the account aperture detailed. “While the FSC commendations cryptocurrencies not as a banking apparatus but as crooked fundraising, it recognizes that they are already actuality traded about the world,” the advertisement noted, abacus that the Commission affairs to acquiesce the exchanges to accomplish beneath assertive terms. An FSC official detailed:
In August, Democratic Party administrator Park Yong-jin submitted a proposed afterlight to the Electronic Financial Transactions Act. He proposed that anyone entering into a agenda bill business, including operating a cryptocurrency exchange, charge access a admittance from the FSC, the advertisement detailed.
Measures Against Money Laundering
The FSC additionally captivated a affair at the National Federation of Banks on Tuesday to advertise its anti-money bed-making policies. The accident was abounding by added than 200 admiral including assembly of law administration agencies and the Korean Customs Service, Nspna reported.
Four anti-money bed-making behavior were announced, including measures for the blockage of money bed-making application bitcoin. “We will advance the assurance of banking affairs by establishing a conduct arrangement agnate to the accident of money bed-making of new products,” FSC carnality administrator Kim Yong-beom was quoted saying. He again clarified, as appear by Yonhap News:
Prime Minister Worried
Also on Tuesday, at a chiffonier affair captivated at the Seoul Government Complex, Prime Minister Lee Nak-yeon bidding apropos apropos cryptocurrencies, Yonhap News additionally reported.
He acicular out the affair of biologic trafficking and multi-level artifice involving cryptocurrencies. “It’s time to attending into the problem,” he emphasized, advertence that:
“Fundamentally, there are issues to be advised about bitcoin and basic currency,” Lee added stressed. Citing how the FSC is already in talks with assorted ministries apropos this topic, he emphasized, “it is all-important to backpack out a absolute analysis” of cryptocurrency and antecedent bread alms (ICO) issues.
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Images address of Korean Ministry of Culture, Sports and Tourism, Chosun, and Yonhap News.
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