South Korea is planning to establish a new independent bureau to monitor the crypto industry. The new bureau will fall under the country’s anti-money laundering watchdog and will seek to enhance investor protection. The Financial Services Commission (FSC) confirmed in a statement that the new division would be known as the “crypto-asset monitoring bureau.” South Korea has been tightening its regulations over the crypto industry.
The new bureau will monitor for any suspicious transactions related to cryptocurrencies.
According to the report by the Korea Times, the new bureau will monitor for any suspicious transactions related to digital currencies and will decide on the extension of licenses for digital currency operators. It will also use the information it collects to explore additional ways on how to protect the crypto investors in the country. The FIU will oversee the new bureau, the statement revealed. The FIU will have a “Policy Management Planning Division” inside this bureau as part of this. The new bureau’s leader will take an advisory role, reporting directly to the FIU chief.
The FSC is going further in regulating cryptocurrencies.
The FSC revealed in its statement that it is going further in regulating cryptocurrencies, this time granting a request by the anti-money laundering agency to increase the personnel who will focus on all things digital currencies. “The FSC’s decision for the creation of an independent bureau inside KFIU with increased personnel is aimed at checking and monitoring cryptocurrency-related financial activity and preventing potential money laundering,” an official unveiled. Earlier, Upbit became the first exchange to file a business report with the FIU. To be able to do that, an exchange must have a banking partner, implement real-name accounts, acquire an Information Security Management System (ISMS) certificate, and a raft of other requirements.