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South Korean regulator reveal plans to curb money laundering

South Korean regulator

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TL;DR

  • South Korean regulator reveals plans to curb money laundering
  • The regulator wants to watch all traders
  • The country plans to establish crypto regulation by 2024

South Korean regulator, The Financial Services Commission, has announced that it is making new l plans to check money laundering activities perpetrated by crypto whales. The regulatory agency noted that it would begin to track and check transactions over $70,000 in a bid further to curb the activities of bad actors in the market. The South Korean regulator positioned that owning a large cache of digital assets opens the door to a likelihood of usage for money laundering purposes.

The South Korean regulator wants to watch all traders

The FSC also claimed that the new order was mandatory under the recently anti-money laundering laws the country just passed. The report also highlights stablecoins as a likely concern as they can be easily used to carry out laundering activities. The country brands crypto as independent virtual assets and should be evaluated under the current laws.

Asides from monitoring high-value clients, the report also claims that the body will be looking into individuals that make high-value deposits. The report claims that retail users would be put under the microscope every quarter as a change in their holdings could be a means of carrying out money laundering activities.

South Korea plans to establish crypto regulation by 2024

South Korea is one of the countries with the strictest crypto laws worldwide. The country has rebounded its laws after the unfortunate incident with Terraform Labs. Although the country continues to look for ways to bring the company’s CEO to book, it has not been successful in the area. With this, South Korea and its regulators have been doubling down on laws that would ensure that investors are protected in the wake of another mishap.

There are also talks among the top echelons in the country to ensure that working crypto regulation is in place by next year. The South Korean regulator also claims that the body has 13 laws concerning digital assets that the National Assembly will review. This review will help the country balance adoption of blockchain and investor protection, among other things.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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