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A small victory for financial regulators: what will happen to the crypto industry next?

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South Korean banks are under the supervision of the authorities

Six unnamed commercial banks in South Korea are being carefully studied by regulators relation for their relationship with bitcoin exchange ecosystem in the country.

09.Jan.18 1:54 AM
By Daria Zaytseva


South Korean banks are under the supervision of the authorities

According to a January 8 statement, the Korea Financial Intelligence Unit and the Financial Supervision Service want to know whether the banks that offer bills for cryptocurrency trading, are properly observing the rules for combating money laundering and customer identification.

It is noted that officials will also examine whether banks have electronic systems to match the names of deposit holders to virtual account holders and if banks can stop transactions with exchanges that refuse to provide customer information among other areas.

The government of South Korea is controling the trade in cryptocurrencies, considering all possible options, including closing of exchanges with cryptocurrencies to maximize side effects of cryptocurrency trading - fraud using cryptocurrencies, cyber hacks on cryptocurrency exchanges, and irrationally overheated speculation.

Less than a week ago, South Korean news organization Yonhap News announced that this month the country would begin implementing new rules for exchanging cryptocurrencies. Officials for the first time identified plans for a closer look at the exchange ecosystem of Korea in December.

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