Korean Blockchain Association (KBA) has recently revealed that, in order to increase transparency in crypto trading and prevent money laundering activities, they will conduct an inspection in 14
Crypto Exchange, which also are members of the association.
To be more specific,
KBA director Jeon Ha-jin stated at a South Korea-based federation carried out by the Federation of Small and Medium Enterprises , that KBA would inspect 14 domestic Exchange to ensure, transparency in transactions, as well as preventing money laundering, internal trafficking, terrorist financing and other illegal activities.
The audit activities include: reporting on the management of cryptocurrencies of traders and of the Exchange, publishing financial statements, overall audits, and more.
14 Crypto Exchange being audited will include leading trading platforms such as Bithumb, Upbit and OKCoin. The inspection will begin on May 1.
The first time ever, KBA is considering building a self-regulatory framework for its domestic Crypto Exchanges, which will starts in February this year. The aim of these actions is to lessen its concern about the country's Bitcoin fever in December. 2017.
Last week, the South Korean Financial Services Commission (FSC) announced that it would examine three domestic banks, in providing services to Crypto Exchange, to check regulation compliance of blocking anonymous transactions.
Rothscointeam.
