THELOGICALINDIAN - South Koreas top banking regulators accept accordingly appear their affairs to accord with agenda currencies such as bitcoin and ether Specific measures were categorical such as acute banks to accomplish due activity on bitcoin exchanges and deepening user analysis procedures
Also read: South Korea Legalizes Bitcoin International Transfers, Challenging Traditional Banks
Attempt to Regulate Digital Currency
The South Korean Financial Services Commission (FSC), appear on September 3 how they would accord with agenda currencies such as bitcoin and ether, according to bounded publications.
Korea is “joining Japan, China and added Asian nations in aggravating to adapt cryptocurrencies,” reported Yonhap, abacus that agenda currencies are currently not accustomed as banking articles and their exchanges are abundantly unregulated.
Noting that the contempo transaction aggregate and animation of agenda currencies are “excessive,” the FSC conveyed that “it will footfall up ecology and backpack out probes into money laundering, crooked costs and added adulterous affairs of agenda currencies,” the account aperture detailed. The accompaniment regulator was again quoted saying:
Sunday’s advertisement followed a collective assignment force affair chaired by FSC secretary-general Kim Yong-beom. “At this point, agenda currencies cannot be advised money and bill not banking products,” Business Korea reported him saying.
The affair was abounding by admiral from the FSC, the Ministry of Strategy and Finance, the Fair Trade Commission, the Ministry of Justice, the Korea Communications Commission, the National Tax Service, the National Police Agency, the Bank of Korea, the Financial Supervisory Service and the Korea Internet & Security Agency, according to iNews24.
Specific Measures
One of the measures discussed is to strengthen character analysis procedures. “Banks will be appropriate to carefully analysis the claimed advice of bodies who assignment at agenda bill exchanges,” Yonhap appear the FSC explaining. “If there are apprehensive affairs in such coffer accounts, lenders will be appropriate to address the affairs to authorities.”
Banks that accord with agenda bill exchanges will conduct due activity to ensure that the exchanges accept able centralized ascendancy procedures such as the identification of users. The banks will accede suspending their accounts if they cannot accommodate reliable information, abundant iNews24.
Remittance businesses application agenda bill are additionally affected. News.Bitcoin.com afresh reported on the Korean government legalizing adopted barter transfers application cryptocurrency for baby sums. In Sunday’s announcement, the FSC abundant that these baby remittance operators “will address their circadian alteration annal to the Bank of Korea,” Yonhap clarified.
Digital Currency Market & ICOs
Meanwhile, the country’s better bitcoin barter Bithumb appear that its circadian trading aggregate on August 18 exceeded 2.6 abundance won (approximately $2.3 billion). This was added than the trading amount of Kosdaq market, which was 2.43 abundance won the day before, according to Hankyoreh circadian newspaper. Kosdaq is the Korean analogue of Nasdaq. “It was one-off, but abundant to shock the banking market,” the advertisement detailed.
The FSC’s advertisement came one ages afterwards administrator Park Yong-jin submitted a proposed alteration to the Electronic Financial Transaction Act to accommodate a authoritative framework for agenda bill such as bitcoin.
In addition, the FSC appear that “they will abuse Initial Coin Offering (ICO) that raises funds in the anatomy of banal arising application agenda currencies acceptable in some countries, including Switzerland, for actionable the basic bazaar act,” Business Korea elaborated.
What do you anticipate of the Korean government’s attack to adapt bitcoin? Let us apperceive in the comments area below.
