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Bitcoins (BTC)

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Posted on:    11 Jan, 2018       Views:  1077

South Korea Exchange Bitcoin Cryptocurrency With China and Japan

South Korea Exchange Bitcoin Cryptocurrency With China and Japan

South Korean officials are certainly the most active when talking about the regulation and crackdown of the cryptrocarrency market. After several checks on potential tax avoidance concerns and announced the proposed law to regulate the market, it seems now that the biggest banks in the country have attracted the attention of officials.

A new local media report has revealed that some of the big banks of South Korea were inspected by inspection officers in these banks, the focus was on the inspections focused on cryptrocredit accounts. Accounts are related to cryptorchic exchanges, which are on the radar of officials on money laundering and speculative business concerns.

South Korea Exchange Bitcoin Cryptocurrency With China and Japan

Authorities inspected accounts in six major banks
Investigation is organized by the Financial Intelligence Unit and Financial Supervisory Services. Two officers inspected the accounts given to six major banks and some cryptocurrency exchanges. The local media had indicated that the officials would "intensify investigations" in these accounts and would demand to determine if the bank had done some wrong thing.

Banks have to adhere to all the money laundering policies and this is the right that is going to check. Authorities reported that 111 bank accounts have been found which are linked to dealing with cryptocoquancions. In these accounts, approximately 2 trillion won, which is approximately $ 1.8 billion.

Earlier, talks about the possibility of closure of exchanges, which do not follow the rules implemented by South Korea. The country has recently proposed to ban all cryptocurrence trading, which is done anonymously. There is a plan to limit fraud and money laundering in all these works. The ban is set to be effective on 20th January.

South Korea Exchange Bitcoin Cryptocurrency With China and Japan

Officials have certainly enhanced their investigation of the Cryptocarrency market in South Korea. It is not yet to see if their new investigation will reach some conclusions.


South Korea's finance regulator is looking for cooperation with the authorities of China and Japan on new rules for cryptorisis trading.

 

 

A Jan 8 report of Yonhap News states that representatives of the Korean Financial Services Commission (FSC), as well as representatives of related agencies in Japan and China, discussed last month about the monitoring of cryptocurrency investment.

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