After the support of FSS newly appointed governor Yoon-Heun towards crypto, the recent media news claims that the top Financial regulatory body of South Korea, FSC that is Financial Service Commission has now been set to join the ongoing probe into the local cryptocurrency exchange. This news came out yesterday on 13th May where the resources confirmed that the FSC will now be playing their hand in the money laundering investigation named Hitherto that is led by the FSS that is Financial Supervisory Service. This step is an initiation taken to expand the scope of the project.
Confirmed by the Korea Times, this news is affirmative. Followed by this news the Vice Chairman of the FSC, Kim Yong-Beom has urged all the regulatory bodies worldwide to coordinate with their policies.

What does this Mean???

According to the statement driven out loud on 13th May, it is confirmed that Korea’s FSS is now going to follow through its role in the money laundering investigation. Also, on request from FSS, FSC will now check all the bank accounts that belong to Korean crypt0-exchanges on compliance with the anti-money laundering standards along with other fraud prevention measures.
It has also come to light that the main subject in this investigation is going to be Bithumb that is the country’s largest crypto-exchange and has announced their plans to launch its own crypto token back in April.
Korea Times has also confirmed that there is no seed that is ploughing to oppose the use of blockchain in the banking and financial sector. So where FSC is going to join hands in money laundering investigation their Korea extends its interest to trigger a worldwide support on this area of interest from financial regulatory bodies.

Highlights –

  • South Koreas Financial Service Commission FSC now to join hands in Anti-money laundering investigation.
  • South Korea Financial watchdog to hunt for crypto-exchange frauds and more
  • FSC to focus on All Korean Cryptocurrency Exchanges