South Korea FSC launched a “comprehensive inspection” of domestic encrypted trading platforms
On March 10, it was reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, had begun a “comprehensive inspection” of the country’s cryptocurrency exchange. The FSC is particularly concerned about the 20 trading platforms that do not have a Korean trading license. This is the “first time” that the FSC has conducted a “comprehensive inspection” of exchanges that do not operate the legal currency market. It is expected that this inspection will focus on the anti-money laundering agreement.
Interpretation of this information:
The Financial Services Commission (FSC) in South Korea has started a “comprehensive inspection” of the cryptocurrency exchange industry, including the 20 platforms that do not hold a Korean trading license. This move marks the first time the FSC has taken such an action and is likely to focus on ensuring adherence to anti-money laundering regulations.
The FSC is the highest financial regulator in South Korea, and its decision to investigate the cryptocurrency industry suggests that there are concerns about the level of regulation and compliance in the sector. The specific focus on exchanges without a Korean trading license suggests that the FSC is keen to ensure that all platforms operating in the country adhere to the same standards.
Money laundering has been a significant issue in the cryptocurrency industry in recent years, with some exchanges being used by criminals and terrorists to move funds without the need for traditional banking systems. Authorities in countries around the world have stepped up efforts to combat this problem, and South Korea is no exception.
Overall, the FSC’s decision to conduct a comprehensive inspection of the cryptocurrency exchange industry suggests that there are concerns about the level of regulation and compliance in the sector. The focus on exchanges without a Korean trading license is a clear indication that the FSC wants to ensure that all platforms operating in the country adhere to the same standards. While it remains to be seen what the outcome of this inspection will be, it is clear that South Korean authorities are committed to improving the safety and security of its cryptocurrency exchange industry.
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