South Korea Tightens Control Over Bitcoin Transactions14 …

South Korea to tighten controls on bitcoin transactions

On October 14, Washington hosted the 36th meeting of the International Monetary and Financial Committee (IMFC). The meeting was attended by senior representatives of the member countries of the International Monetary Fund. Among other issues, the need to strengthen control in the fintech sector and the bitcoin sector in a number of countries, including South Korea, was discussed. Writes about this Sedaily.

“In the case of fintech and digital currencies, there is a need to maintain competition in the financial market and create a fair system in which the winners cannot dominate,” the newspaper writes..

The meeting was attended by Deputy Prime Minister and Minister of Strategy and Finance of South Korea Kim Dong Young. “We must actively push forward structural reforms to achieve growth,” he said..

The Sunday Seoul Newspaper quotes another of his words: “We will strengthen control and supervision of transactions of virtual currencies such as Bitcoin.”.

“Virtual money is a new area, and it is developing as a new area, but we are concerned about the fact that investment damage may be caused due to lack of regulation. I’ll see what we can do, ”he added..

In addition, Inews24 reports that Yong intends to be actively involved “in redefining the role of virtual currencies such as bitcoin.”.

South Korea Tightens Bitcoin Transaction Control14 ...

“The financial commission is now preparing countermeasures against virtual currencies at the government level,” he said..

The Korean government has been discussing cryptocurrency regulation for a long time. In July, a working group was established to oversee the degree of bitcoin regulation needed. In addition, it is not yet clear if cryptocurrencies in South Korea will be recognized as money, asset or securities..

Later it became known that banks were instructed to pay special attention to the accounts of clients working with cryptocurrencies and report any suspicious activity to the Financial Services Commission (FSC). In addition, the Communications Commission, together with the Ministry of Science and Technology of South Korea, announced a face-to-face audit of cryptocurrency exchanges. And at the end of September, an FSC order banned ICOs in the country.

South Korea Tightens Control Over Bitcoin Transactions14 ...

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