South Korean regulator wants ICO ban reversed
The vice chair of the Financial Services Commission has asked the National Assembly in South Korea to reverse the ICO ban and instead regulate the industry to weed out scammers.
Latest Financial Services Commission News
‘Know-the-sender’ rule sparks heated debate in South Korea parliament
The rule would require all businesses to verify and report the identity of any user that sends them digital currencies, which experts say will stifle growth.
South Korea will not regulate NFTs, financial watchdog says
South Korea’s Financial Services Commission is taking a cue from the Financial Action Task Force, which recently said NFTs are not virtual assets.
South Korea bans exchange staff from trading their own tokens
The Financial Services Commission in South Korea has issued a decree that bars staff members of any digital currency exchange from trading their own tokens.
South Korea creates new digital currency oversight bureau
The new bureau will fall under the anti-money laundering agency and will monitor the industry for any suspicious transactions and enhance investor protection.
South Korea to shut down 11 local digital currency exchanges: report
The Financial Services Commission reportedly plans on denying 11 local exchanges approval to serve the South Korean market as it seeks to implement stricter regulations for the digital currency industry.
South Korea warns foreign exchanges to register by Sept 24 or risk being shut down
Under the Specific Financial Information Act, any exchange operator that continues to operate past the deadline without registering is liable for a five-year jail term.
South Korea FSC: Overseas exchanges must register with AML body
The head of the Financial Services Commission said that these exchanges must comply with the revised laws that requires exchanges to establish banking relationships and verify users’ identities.
Digital currency exchanges threaten to sue South Korea gov’t over regulatory ‘buck pass’
New rules being implemented by the Financial Services Commission are reported to be causing significant worries for smaller digital currency exchanges in the country.
Bank digital currency clients to be considered ‘high risk’ in latest South Korea crackdown
The new rules will impact on some 60 unauthorized exchanges in the country, as well as forcing banks to regard digital currency exchanges as “high risk” clients in their dealings with the sector.
South Korea exchanges protest after regulator bans cross trading
In its latest, aside from banning cross trading activities, the Financial Services Commission has ordered the exchanges to store at least 70% of their customer deposits in cold wallets.
South Korea regulator warns employees to file digital currency returns
Employees of the Financial Services Commission who deal with digital currencies must file reports on their personal digital currency holdings.