Banks’ Request for Exemption from Responsibility Rejected
The Financial Services Commission Chairman Eun Sung-soo said on July 1 that the commission would consider introducing an approval or registration system for cryptocurrency exchanges.
"The commission will examine the idea of introducing an approval system for coin exchanges, although there is no unified global standard yet,” he said, adding, “If cryptocurrency exchanges’ businesses are on an approval basis, the degree of freedom of transactions may decrease, although many existing problems can be solved and consumers can be better protected.”
He also rejected banks’ request for exemption from responsibility with regard to real-name account issuance for cryptocurrency exchanges. “The banks’ responsibility is for the purpose of money laundering prevention and efforts for the prevention are being made worldwide,” he mentioned, continuing, “The request is against the global efforts.”
At present, the Financial Services Commission is considering setting up a task force to be in charge of cryptocurrency exchange monitoring and supervision. It is currently discussing details such as size and personnel with the Ministry of the Interior and Safety.