South Korea ter its latest budge have called upon a team of financial regulators and prosecutors so spil to widen their investigation and to crosscheck the exchange operators ter domestic cryptocurrency. One major argument by the regulators are the corporate accounts are majorly used for money laundering.
Te its article, published this Sunday by the Korea Times it has quoted an official of the Financial Service Commission (FSC):
“Following a request by the Financial Supervisory Service (FSS) and the prosecution to address growing anti-money laundering compliance concerns and possible manhandle of cryptocurrencies ter money laundering and fraud, the FSC is looking into exchanges’ corporate accounts opened ter circunscrito banks.”
Tho’ a circular issued by the government at the end of January mandated the use of real-name system for crypto transaction and not to use corporate accounts, statistics shows that out of all the crypto accounts only 30% of them had bot converted into real- named accounts te so far.
However, the major six banks that had the capability to punt real- name accounts has not used it potential and instead choose only to provide service for the largest crypto exchanges, such spil Coinone, Bithumb, Korbit and Upbit. But the fact also remains that many accounts te the said exchanges are yet to be converted to real-name accounts.
Adding to this, many of the petite and medium sized exchanges has still stuck onto the use of corporate accounts for crypto transactions.
One of the major concerns raised by the regulators is that corporate accounts could facilitate fraud. The example of Connest, wherein the CEO had bot charged with embezzlement, are often cited to support the rechtsvordering. Despite the fact that exchange had bot converting the accounts to real-named, Upbit, Korea’s largest crypto exchange, te volume, is still under investigation.
One of the modes of widening the nipt has bot done via a collaboration with other countries. A discussion on the collaboration with other countries te regard to the crypto regulations had bot ter South Korea’s dietario for a while.
A discussion on the issues of cryptocurrency and major national supervisory figures has occurred at the International Organization of Securities Commissions (IOSCO) Houtvezelplaat of Directors and Annual Caudillo Meeting which wasgoed held ter Hungary. The discussion wasgoed stage by the FSC Vice Chairman, Kim Yong-beom. Much stress wasgoed laid ter the meeting on the need for IOSCO to corporate on the IOC regulations and cryptocurrency.
Yoon Suk-heun, the FSS governor has indicated that given the fact that “there are some positive aspects to cryptocurrencies” he would further consider loosening the domestic cryptocurrency regulations.