[2018-5-13]South Korea’s Top Financial Watchdog Joins Probe Into Cryptocurrency

[anamie]

South Korea’s top financial regulator the Financial Services Commission (FSC) joined the ongoing probe into local cryptocurrency exchanges Sunday, May 13.

The FSC will now be taking part in the anti money laundering investigation, hitherto led by the Financial Supervisory Service (FSS), in order to help expand its scope, news outlet Korea Times reports.

Commenting on the agency’s move, Vice Chairman of the FSC Kim Yong-beom has urged regulators worldwide to coordinate their regulatory policies on cryptocurrencies.

Following a request from the FSS, the FSC will now check bank accounts belonging to Korean crypto exchanges on compliance with anti-money laundering (AML) standards and other fraud prevention measures. According to Korea Times’ report, the main subject of the expanded audit would be Bithumb, the country’s largest crypto exchange which revealed plans to launch its own crypto token back in April.

Source: https://cointelegraph.com/news/south-koreas-top-financial-watchdog-joins-probe-into-cryptocurrency-exchanges

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[gentlemand]

Since they permitted these cesspits to appear out of nowhere and take over the country I can't say I'm too impressed by their watchdogginess so far. They've must've been too busy singing karaoke to notice millions of people pouring into an untaxed and unregulated market right under their noses.

[aso118]

The South Korean regulators are the perfect example of Nero playing the fiddle when Rome burned. Cryptocurrencies have become far too big in South Korea for the government to take effective action. They may impose restrictions on exchanges, but then the action will just shift offshore.