South Korea Looking to Join Forces with China, Japan for Cryptocurrency Regulations


It is reported that South Korea’s financial regulators are trying to cooperate with the Chinese and Japanese authorities on the new rules on Cryptocurrency trading.

In a January 8 Yonhap News Report, officials from the Korea Financial Services Commission (FSC) and officials from relevant agencies in Japan and China met last month to discuss monitoring Cryptocurrencies investment in the country.

According to the source, FSC President Choi Jong-Ku told reporters that countries planned to work together to stem speculative investment. Jong-Ku reportedly described the Cryptocurrency investment as “irrational” and continues: “speculative investment fever on Cryptocurrencies is underway, but Cryptocurrencies cannot play a role as a means of payment.”

The report follows a statement by the Financial Supervisory Service (FSS) and the country’s Financial Information Unit describing how the two agencies have begun to inspect six banks to ensure that they comply with the new anti-corruption regulations. Money laundering.

The banks in question are linked to the country’s Bitcoin Exchange ecosystem, which has seen high trading volumes in recent months and is high in prices compared to other markets around the world. South Korean officials have been concerned about price speculation around Cryptocurrency in the past.

And what may be a sign of the speculative boom in this country, the CoinMarketCap data page has ruled out three Korean exchanges earlier this week because of price differences.


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