RATE Group | S. Korean Financial Regulator Planning to Directly Regulate Cryptocurrency Exchanges – 비…
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S. Korean Financial Regulator Planning to Directly Regulate Cryptocurrency Exchanges – 비…

07 Aug S. Korean Financial Regulator Planning to Directly Regulate Cryptocurrency Exchanges – 비…

Posted at 03:44h in Cryptocurrency News by

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The Financial Intelligence Unit (FIU) has disclosed a plan to directly regulate cryptocurrency exchanges within the financial supervisory system.



The Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) has disclosed a plan to directly regulate cryptocurrency exchanges and bring them into the regulatory system. Currently, the FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks.

An FIU official said on Aug. 6 that the government will enhance the transparency of cryptocurrency transactions by introducing a “cryptocurrency exchange licensing system” recommended by the Financial Action Task Force (FATF).


Lee Tae-hoon, head of administration and planning at the FIU, said, “If an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, which reflects the FATF’s international standards for cryptocurrencies, passes the National Assembly, it will be possible to…

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