South Korea’s Financial Services Commission will monitor crypto whales with assets of more than 100 million won. Seeks to prevent any money laundering or illegal activity.
South Korea’s Financial Services Commission has announced new cryptocurrency market rules mandating monitoring of holders of cryptocurrency with more than 100 million won ($347,000) in the asset class. This is an effort to ensure that money laundering does not occur, and is one of the many steps a financial regulator takes to enforce anti-money laundering.
He. She Says That “the higher the ratio, the greater the money-laundering risk,” it is believed that stablecoins in particular are more likely to be used for criminal purposes. It was stated in the report,
“In the case of independently listed virtual assets, it is likely that they did not meet the listing criteria of other virtual asset operators, and the money laundering risk of virtual asset operators can be assessed with a high percentage of assets.”
This is another step by the FSC to enforce some rules in the market. Collapse Tera Storming the country’s ecosystem. Officials have now redoubled their efforts to ensure investors are protected.
Crypto whales face massive anti-money laundering rules
South Korea’s Financial Intelligence Unit (FIU) is an agency dedicated to preventing money laundering and illicit money flows. recently performed A questionnaire In cryptocurrency exchanges focused on anti-money laundering violations and counter-terrorism financing obligations.
The agency concluded that there was insufficient compliance with respect to these requirements. She will regularly disclose illegal transactions and activities. It also encourages exchanges to establish an appropriate anti-money laundering regime.
These rules relate to how to check of suspicious transactions and what to do in the event of a violation. For example, if someone withdraws 500 million won ($350,000) in 10 minutes, an investigation should be conducted. If the exchange fails to report suspicious activity, it could result in a fine of nearly 30 million won.
South Korea does not want space for money laundering
South Korea has been particularly keen on ensuring that money laundering does not occur through the cryptocurrency market. The Financial Services Council (FSC) met with other government agencies in the Financial Action Task Force (FATF) Discusses the Efforts related to combating money laundering and terrorist financing.
FSC head also Requested To be cautious about allowing local companies to enter the crypto market. In the meantime, the governor of the Financial Supervision Department has He said Cryptography can be subject to securities laws.
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