The National Policy Committee of Korea is currently Consider four crypto-related bills to regulate crypto businesses and protect investors.

South Korea is preparing to control the crypto industry

The country’s leading financial regulator, the Financial Services Commission of Korea (FSC), is also preparing to regulate the cryptocurrency industry.

FSC chairman Eun Sung-soo said on Tuesday:

“We are currently working as a base by searching and analyzing data on 578 coins of various shapes.”

Eun Sung-soo also confirmed that banks providing real name accounts to crypto exchanges will not be held fully responsible for money laundering related to crypto transactions.

“Under current law, banks must report suspicious transactions to the Korean Financial Intelligence Agency. If banks fail to meet their obligations, fines are imposed. “

Eun Sung-soo was also asked if Binance needs to be licensed to operate in Korea, as several regulatory agencies around the world recently issued warnings about Binance, including the UK, the Cayman Islands, Thailand and Japan.

The FSC President stressed that all crypto exchanges, both foreign and domestic, must report to the Korea Financial Intelligence Unit.

“According to the Specific Financial Transaction Information Use and Reporting Act, every cryptocurrency exchange that offers payments in won is required to report to the Financial Intelligence Unit.”

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According to News.Bitcoin

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