South Korean Watchdog Plans Direct Supervision of Crypto Exchanges

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A South Korean financial watchdog under the Financial Services Commission (FSC) is planning to more closely supervise cryptocurrency exchanges.The agency in question, the Financial Intelligence Unit (FIU), has said it will directly regulate crypto trading platforms, which currently are indirectly controlled via guidance given to banks, says a report in Business Korea on Wednesday.For example, last year, the FSC amended the anti-money laundering rules applying to cryptocurrency exchanges, which was to be carried out by requiring domestic banks to tighten up monitoring of exchange-held accounts.In today’s report, Lee Tae-hoon, director of administration and planning at the FIU, was cited as saying Tuesday that the Korean government will set up a licensing system for crypto exchanges, as recently recommended in new international standards issued by the Financial Action Task Force (FATF). The move would boost the transparency of cryptocurrency transactions, Lee said.“If an amendment to the Act on Reporting and Use…

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