This is what I read on reddit other day. Seems like year end will be having a bloody new year party
Official Statement from Korean FSC:
http://www.fsc.go.kr/info/ntc_news_view.jsp?menu=7210100&bbsid=BBS0030&no=32027Overview of the Conference
□ Today '17 .9.1. (Fri) 10:30 Hosted by Vice Chairman Yong-Bum Kim of the Financial Services Commission Time: '17 .9.1. (Fri) 10:30
Place: Financial Committee, 16th Floor
attendance
Deputy Chairman (Financial Supervisor) (Deputy Director), Financial Services Director, FIU Planning and Administration, Director
(Affiliated institution) National Office, Department, FTC, Ministry of Justice, Korea Communications Commission, National Tax Service, National Police Agency, Bank of Korea, Financial Supervisory Service,
Main contents
□ Kim Yong-bum, vice chairman, remarked that the market is overheating, as the virtual currency transaction volume has greatly increased and the transaction price has risen sharply.
ㅇ It is mentioned that there is a concern about consumer harm due to illegal transactions that exploited virtual currencies and the occurrence of fraudulent crimes such as similar multi-
ㅇ At this point, virtual currencies are difficult to see as currency or financial products, but they emphasize the need for careful responses because they may negatively affect the order of financial transactions if virtual currency transactions are made indiscriminately.
ㅇ In addition, we called for close cooperation and cooperation so that the countermeasures prepared through the discussions between related organizations can be implemented without any trouble.
Securing Transparency in Transactions and Providing Equipment for Consumer Protection
□ As a viable measure within the framework of the current law, we will strengthen the identification of the user of the virtual currency handler and strengthen the bank's suspicious transaction reporting when dealing with the virtual currency handler
In addition, if a small amount of overseas remittance funds use virtual currency as an intermediary for overseas remittance, it will strengthen monitoring through cooperating with related agencies and secure transparency of transactions
ㅇ At present, as a result of suspicion transaction reporting (Specified Financial Information Act) and real name verification (financial real name law)
Regarding the domestic transactions of virtual currencies, the government plans to introduce regulations in light of trends in strengthening anti-money laundering regulations of major countries (amendment of the Special Law)
ㅇ Recommendation to reflect consumer protection matters such as separate deposit of customer assets entrusted to virtual currency handling business to autonomous regulations to be provided by handling companies
□ Further plans to improve the legal system to establish sound business order
ㅇ We will improve the effectiveness of punishment by clarifying the grounds of the similar reception act regulation law and strengthening the level of punishment for the similar reception behavior purporting to be a virtual currency investment.
ㅇ On the other hand, since government financial institutions can not guarantee the value of virtual currencies,
Expanding the scope of the Act on Regulation of Similar Receiving Act, it will also establish a discipline system for 'virtual currency transaction'
(Tentatively called 'Regulation Act on Similar Reception Acts')
ㅇ In addition, for the act of financing (ICO) using virtual currency in the form of issuance of securities such as equity securities, debt securities, etc.,
Joint measures to prevent consumer harm
□ In order to prevent consumer harm, the related organizations are jointly and resolutely responding to criminal tort
ㅇ Similar multi-level fraud crimes will be enforced and enforcement will be enforced during the period of intensive enforcement (~ end of 17) by constituting a "joint enforcement officer".
ㅇ We will thoroughly investigate customer information leakage accidents due to hacking, etc., and strictly observe the violation of the law
ㅇ In addition, we will establish a joint inspection system by examining the status of virtual currency handling companies and sharing them with the Fair Trade Commission, the National Tax Service, and the National Tax Service.
Review regulatory oversight issues
□ For matters that are not established international consensus, such as the nature of the virtual currency handling business, authorization issues, taxation issues, etc.
ㅇ We will closely examine the regulatory trends of governments, international organizations, etc., and discuss countermeasures through sufficient discussion.
Future schedule
□ In the future, joint TFs will be held quarterly ('17. ', '17 .12'),
ㅇ The committee will hold a monthly inspection meeting of related institutions (presided by the Financial Supervisory Commission)
