- The regulators are in the process of researching 578 cryptocurrencies.
- FSC also in the idea of regulating the crypto industry.
- All cryptocurrency exchanges should report to the Korea Intelligence Unit.
South Korea is discussing four crypto-related bills for cryptocurrency regulations. According to the chairman, the regulators are in the process of researching 578 cryptocurrencies in different methods.
Accordingly, the country’s top financial regulator, the Financial Services Commission (FSC) also in the idea of regulating the crypto industry. On Tuesday Financial Services Commission (FSC) chairman, Eun Sung-soo stated, “We are currently conducting preliminary research by searching for and analyzing data on 578 coins in the various forms”.
More so, the chairman declared that banks that give real name records to cryptocurrency trades will not be considered fully responsible if money laundering is identified with digital currency trades.
Chairman Eun Sung-soo has detailed that the bank has to report to the Korea intelligence unit if they find some doubtful transactions. According to the new law, a bank firm should complain when a bank identifies fraudulent activity. If the bank authorities failed to do their duties, then a fine will be definitely imposed. The authorities have warned the banks regarding the regulations and to follow up on the process.
Chairman Eun Sung-soo also asked whether Binance need a license to operate in South Korea. Even more, many regulators globally including the United Kingdom, Singapore, and Japan, have the latest issued warnings about the exchange. Regarding the Act on Reporting and Using Specified Financial Transaction Information, all the cryptocurrency exchanges have to report. As a result, the Financial Service Commission (FSC) chairman highlighted that all cryptocurrency exchanges should report to the Korea Intelligence Unit. Chairman Eun also added that both domestic and foreign exchanges that provide won settlement have to report to the unit.