Singapore markets closed
  • Straits Times Index

    3,205.14
    +16.64 (+0.52%)
     
  • Nikkei

    28,804.85
    +96.27 (+0.34%)
     
  • Hang Seng

    26,126.93
    +109.40 (+0.42%)
     
  • FTSE 100

    7,204.55
    +14.25 (+0.20%)
     
  • BTC-USD

    60,996.75
    +86.33 (+0.14%)
     
  • CMC Crypto 200

    1,453.34
    -49.69 (-3.31%)
     
  • S&P 500

    4,544.90
    -4.88 (-0.11%)
     
  • Dow

    35,677.02
    +73.94 (+0.21%)
     
  • Nasdaq

    15,090.20
    -125.50 (-0.82%)
     
  • Gold

    1,793.10
    +11.20 (+0.63%)
     
  • Crude Oil

    83.98
    +1.48 (+1.79%)
     
  • 10-Yr Bond

    1.6550
    -0.0210 (-1.25%)
     
  • FTSE Bursa Malaysia

    1,588.08
    -3.54 (-0.22%)
     
  • Jakarta Composite Index

    6,643.74
    +10.77 (+0.16%)
     
  • PSE Index

    7,289.61
    -22.11 (-0.30%)
     

South Korea’s Top Financial Regulator Is Forming a Crypto Bureau

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

South Korea’s Financial Service Commission (FSC), the country’s top financial regulator, announced Thursday that it is forming an independent, crypto-focused bureau to supervise digital assets in South Korea.

  • The new bureau will officially launch in September and fall under the authority of the Korea Financial Intelligence Unit (KFIU), an arm of the FSC that handles anti-money laundering enforcement.

  • The new bureau will be called the Crypto Asset Monitoring Bureau and will be responsible for overseeing licenses for exchanges and other operators, according to a report from the Korea Times.

  • In April, FSC officials said that exchanges that don’t register with and receive a license from KFIU by late September won’t be permitted to operate in South Korea. The FSC’s licenses require exchanges to tighten their know-your-customer (KYC) standards and collect personal information about customers.

  • The bureau will also be responsible for looking out for suspicious activity, including fraud and money laundering, according to the Korea Times.

  • South Korea’s crypto crackdown is tied to the growing level of debt among young people, which FSC Chief Koh Seung-beom has blamed, at least in part, on digital asset speculation.

Related Stories

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting