Accelerating Institutionalization of Cryptocurrency Industry
The National Assembly and the government of South Korea are accelerating the institutionalization of the cryptocurrency industry. The National Policy Committee of the National Assembly is currently deliberating on four cryptocurrency-related bills for controlling cryptocurrency businesses and protecting investors.
The Financial Services Commission (FSC) is making its preparations as well. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” FSC Chairman Eun Sung-soo said on July 13.
He also remarked that banks providing real-name accounts for cryptocurrency exchanges will not be held fully accountable in the event of money laundering related to cryptocurrency transactions. “According to the current law, transactions at banks entail their duty to report every suspicious transaction to the Korea Financial Intelligence Unit,” he said, adding, “Fines will be imposed only when banks fail to fulfill the duty.”
He also said that foreign as well as domestic cryptocurrency exchanges must report to the Korea Financial Intelligence Unit. “According to the Act on Reporting and Using Specified Financial Transaction Information, every cryptocurrency exchange providing won settlement must report to the unit,” he explained.