South Korean Regulator Analyzing 578 Cryptocurrencies

closeup bitcoins mockup on the keyboard with money 2LPHEVM scaled

South Korea is deliberating on four crypto-related bills for the regulation of cryptocurrencies. “We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms,” the chairman of the country’s top financial regulator reportedly said.

South Korea Prepares to Regulate Crypto Industry

The South Korean National Assembly’s National Policy Committee is currently deliberating on four cryptocurrency-related bills for the regulation of crypto businesses and protection of investors, Business Korea reported Wednesday.

The country’s top financial regulator, the Financial Services Commission (FSC), is also preparing to regulate the crypto industry. Chairman Eun Sung-soo reportedly said Tuesday:

We are currently doing groundwork by searching for and analyzing data on 578 coins that have various forms.

The chairman also confirmed 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.

He clarified: “According to the current law, transactions at banks entail their duty to report every suspicious transaction to the Korea Financial Intelligence Unit. Fines will be imposed only when banks fail to fulfill the duty.”

Eun was also asked about whether Binance needed to be licensed to operate in South Korea. Several regulators worldwide recently issued warnings on the exchange, including the U.K., Cayman Islands, Thailand, and Japan.

The FSC chairman emphasized that all cryptocurrency exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit, reiterating:

According to the Act on Reporting and Using Specified Financial Transaction Information, every cryptocurrency exchange providing won settlement must report to the unit.

What do you think about the South Korean regulator evaluating hundreds of cryptocurrencies? Let us know in the comments section below.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 39,618.61
ethereum
Ethereum (ETH) $ 2,170.63
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 226.76
xrp
XRP (XRP) $ 0.622175
solana
Solana (SOL) $ 62.98
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,169.49
cardano
Cardano (ADA) $ 0.391427
dogecoin
Dogecoin (DOGE) $ 0.084799
tron
TRON (TRX) $ 0.103597
chainlink
Chainlink (LINK) $ 15.87
the-open-network
Toncoin (TON) $ 2.41
avalanche-2
Avalanche (AVAX) $ 21.80
matic-network
Polygon (MATIC) $ 0.811999
polkadot
Polkadot (DOT) $ 5.48
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 39,593.61
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.999679
litecoin
Litecoin (LTC) $ 71.72
uniswap
Uniswap (UNI) $ 6.01
bitcoin-cash
Bitcoin Cash (BCH) $ 227.06
okb
OKB (OKB) $ 58.51
stellar
Stellar (XLM) $ 0.121688
leo-token
LEO Token (LEO) $ 3.63
monero
Monero (XMR) $ 171.81
kaspa
Kaspa (KAS) $ 0.139170
true-usd
TrueUSD (TUSD) $ 0.999271
ethereum-classic
Ethereum Classic (ETC) $ 19.61
cosmos
Cosmos Hub (ATOM) $ 9.47
crypto-com-chain
Cronos (CRO) $ 0.091398
filecoin
Filecoin (FIL) $ 4.53
lido-dao
Lido DAO (LDO) $ 2.40
internet-computer
Internet Computer (ICP) $ 4.70
thorchain
THORChain (RUNE) $ 6.99
hedera-hashgraph
Hedera (HBAR) $ 0.061804
aptos
Aptos (APT) $ 7.27
bittensor
Bittensor (TAO) $ 349.17
near
NEAR Protocol (NEAR) $ 1.96
immutable-x
Immutable (IMX) $ 1.44
mantle
Mantle (MNT) $ 0.544442
vechain
VeChain (VET) $ 0.022752
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.71
aave
Aave (AAVE) $ 102.47
injective-protocol
Injective (INJ) $ 17.73
quant-network
Quant (QNT) $ 99.96
render-token
Render (RNDR) $ 3.84
maker
Maker (MKR) $ 1,514.58
arbitrum
Arbitrum (ARB) $ 1.09