• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Invest BTCTry
  • Join STC ICOBuy
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Cryptocurrency news

South Korea Regulator to Support Proposed Crypto Exchange Regulation

Rick Delafont by Rick Delafont
2 years ago
in Cryptocurrency news
Reading Time: 2min read
South Korea Regulator to Support Proposed Crypto Exchange Regulation
Advertisement

The chairperson of the South Korean Financial Services Commission (FSC) has stated that he is in favour of a proposed reporting system for crypto exchanges operating in the nation. The regulations may serve to make digital currency trading platforms more transparent, as well as helping to protect against money laundering and other financial crimes.

The proposal is up for discussion tomorrow in South Korea’s National Assembly. The newly-appointed chairperson says that such regulatory moves are necessary given that he sees it as an inevitability that cryptocurrency will be widely used in the future.

Crypto Adoption Inevitable, Says South Korean Regulator

According to a report in TheNews.Asia, Sungsoo Eun, the newly-appointed Financial Services Commission chairperson,  is in support of a proposed reporting system for Korea’s crypto exchanges. The regulator believes that such an obligation will bring greater transparency to the industry. This may in turn attract greater numbers of institutional investors to cryptocurrency.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Sungsoo Eun is a recent appointee to the position of FSC chair. He took over following the former chair’s stepping down in July.

Despite Bitcoin being the most transparent system of accounting invented to date, the industry still has something of a bad reputation, particularly amongst regulators. Many fear that crypto assets are only good to disguise financial crimes. Greater transparency in the cryptocurrency exchange industry, according to the FSC chair, will reduce the likelihood of money laundering enabled by cryptocurrency to take place.

Eun made his remarks in a report sent to the National Assembly. The legislative body of South Korea is due to hold a hearing about proposed amendments to the Special Financial Information Act tomorrow.

The amendment, if approved, would require crypto exchanges and other businesses handling digital assets to make reports about their business operations, along with any suspicious activity that the companies might observe.

The report in TheNews.Asia states that Eun has previously mentioned concerns about cryptocurrency being used to enable money laundering and other financial crimes. He has also been critical of the levels of speculation surrounding the industry.

That said, Eun does seem to believe that crypto is the future and, therefore, it is important to prepare for its growing usage. He wrote in the report:

“It is true that there are active discussions about the possibility of virtual currency and blockchain utilization as a means of payment.”

South Korea is one of the fastest growing cryptocurrency markets in the world. Such enthusiasm for the financial technology is highlighted by the large price premiums often observed at the nation’s digital asset trading platforms.

 

Related Reading: Bitcoin Bull Run “Guaranteed”: Federal Reserve Expected to Cut Rates Into 2020

Featured Image from Shutterstock.
Tags: cryptocurrencyexchangeSouth Korea
TweetShare24
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Related Posts

Robonomics

Robonomics Network’s XRT goes BSC & PancakeSwap

3 hours ago
Latest Bitcoin Dip Did Little In Offsetting "Wildly Bullish" Bias; Here's Why

Latest Bitcoin Dip Did Little In Offsetting “Wildly Bullish” Bias; Here’s Why

4 hours ago
Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

Billionaire Puts £175mn London Apartment up For Sale, Will Accept Bitcoin

5 hours ago
bloody bitcoin

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

16 hours ago
Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

17 hours ago
Stellar Lumens XLM XLMUSDT

How Stellar’s Growth In Q1 2021 Could Foster Further Adoption

20 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
Bybit

Bybit

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Top ICOs

Student Coin

Student Coin

Review · Visit

Token sale

Holdefi

Holdefi

Review · Visit

Press Releases

Sign up and Get Free $30 Coupon With Nhash Cloud Mining Services

April 15, 2021

On CROSS, NFT Loans is supported

April 15, 2021

Here Come NFT + Games! WaykiChain and Chongqing Mebius Join Hands in a Strategic Partnership

April 15, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Invest BTC
  • Join STC ICO

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.