The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit.
This is the first time a government agency has said it will oversee crypto exchanges.
The Need for Direct Supervision
Currently, the FSC and the FIU have no jurisdiction over crypto exchanges since cryptocurrencies are not considered financial assets.
What do you think of Korean government agencies wanting direct supervision over crypto exchanges?
The post South Korean Government Agency Seeks Direct Supervision Over Crypto Exchanges appeared first on Bitcoin News.
The South Korean government has announced the outcome of its inspection of 21 cryptocurrency exchanges. While a number of exchanges have completed implementing both short-term and wallet management measures, many security vulnerabilities remain at most exchanges.
The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit. This will obligate crypto exchanges to follow anti-money laundering directives like banks do.
]In a fresh new twist, the Reserve Bank of India (RBI) has admitted to issuing its ban on cryptocurrency-related accounts spontaneously, without taking time to study and understand how cryptocurrencies work.
Canada’s government has released draft regulations for “virtual currencies” with a consultation period of 90 days, saying that proposed regulatory changes could mean a loss of $60 million over 10 years for businesses that deal in cryptocurrencies but will improve Canada’s international reputation and make it easier for crypto businesses to deal overseas.
The international financial crime watchdog, the Financial Action Task Force (FATF), will hold discussions later this month to develop rules for governing cryptocurrency exchanges. It will primarily make sure effective countermeasures are in place to prevent money laundering and terrorist funding, according to a Japanese government official familiar with the matter.
Canadian bitcoin investors and cryptocurrency traders are going to be subjected to an increased level of market surveillance soon if the government has its way. Once the proposed regulations are implemented, every transaction above $10,000 CAD will have to be reported.
The Canadian government has published a draft law on new rules regarding cryptocurrency exchanges, trading platforms and payment systems that work with virtual currencies.