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South Korean FSC Seeks To Work With China, Japan On Cryptocurrency Regulation




South Korea's Financial Services Commission seeks joint effort with regulators in China and Japan to prevent money laundering and other criminal activities related to cryptocurrency.

According to a local report, South Korea's Financial Services Commission (FSC) is seeking to coalesce regulatory efforts with agencies of China and Japan in regard to cryptocurrency-related activities. Chairman of the FSC Choi Jong-ku revealed that, in December, vice finance ministers from the two allies had met with officials in South Korea to compare notes on the matter.

Choi said that the plan is to "set up a detailed system of cooperation" between the trio of nations. He went on to warn of "irrational" investing in what he described as an ongoing "fever of speculative investment in cryptocurrencies."

Despite the enthusiasm of investors, Choi maintained, "Cryptocurrencies are unable to play a role as a means of payment."

The FSC has also engaged in a broader international dialogue as part of a bid to curb cryptocurrency trading, appealing to officials across the globe.

Choi expressed the intention to end money laundering and increase the severity of punishment for cryptocurrency-related criminal activities by ushering in a series of new requirements for exchanges to adhere to.

In addition, the FSC is currently conducting onsite inspections of NH Bank, Industrial Bank of Korea, Shinhan Bank, Kookmin Bank, Woori Bank, and Korea Development Bank, all of which offer accounts that handle cryptocurrencies.

Although South Korea has been taking an increasingly deeper look into regulatory strategy, exchanges in the country have thus far faced relatively sparse regulation.

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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