Direct Supervision Over Crypto Exchanges sought by South Korea’s Government

2018-6-15 06:36

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.

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Источник: bitcoints.com

Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures

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.

South Korean Government Agency Seeks Direct Supervision Over Crypto 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.

Proposed Regulations Could Cause Major Shifts in Canadian Crypto Businesses

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.

Financial Crime Watchdog FAFT to Consider Cryptocurrency Regulations This Month

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 Exchanges to Report Transactions Over $10k per Proposed Regulations

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.

Direct Supervision Over Crypto Exchanges sought by South Korea’s Government

2018-6-15 06:36

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