The main Supervisory body, the South Korea — financial services Commission (FSC) will take part in the investigation against cryptocurrency exchanges. According to Korea Times, this measure will allow to expand the scope of the inspections, which are still conducted under the supervision of the financial Supervisory Service (FSS).
Recall shall be conducted within the framework of measures for combating money laundering. Extensive background checks, including searches in connection with suspected embezzlement of the users started in South Korea in March. In addition, at the end of last week it became known that the police started the investigation against cryptocurrency exchanges Upbit on charges of fraud.
In accordance with the request of the FSS, the financial services Commission will verify the Bank account owned by the South Korean cryptocurrency exchanges, compliance legislation in the sphere of combating money laundering, and compliance measures to prevent fraud. According to the Korea Times, the main object extended validation will become the largest cryptocurrency exchange in the country Bithumb, in April announced the release of their own crypto token.
The situation is commented Vice-Chairman of the FSC Kim Yon BIM (Kim Yong-beom). From his point of view, regulators worldwide should coordinate efforts in the field of regulation of cryptocurrencies, to participate in the “international discussions”, which he considers “necessary,” and to develop a common approach.
However, according to him, despite the investigation, the FSC has no objection to the use of the blockchain in banking and financial services, and, moreover, is currently assessing the potential value of crypto-currencies as means of payment.
“We are seeing a sustainable development of the blockchain technology, due to its significant accessibility and efficiency. As this technology has the potential to change the present regulations in respect of securities regulators should respond to such a serious challenge,” said Kim Yon BIM.
Recall that in early may, the new head of the FSS Hoin young Sook (Yoon Suk-heun) also demonstrated a favorable attitude to the industry, stating that the Agency will consider changing rules for cryptocurrency market, which should make the products on the basis of scriptaction more affordable.