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Tuesday, September 5, 2017

South Korea Moves to Impose Stricter Digital Currency Regulations

South Korea Moves to Impose Stricter Digital Currency Regulations

The South Korean digital currency task force held a joint meeting in September 2017 to discuss the introduction of stricter regulation and monitoring of virtual currencies, including Bitcoin. The task force is composed of the country’s central bank, financial regulators and cryptocurrency companies.

The meeting was attended by the Korea Fair Trade Commission and the National Tax Service, among others. Agenda items included the strengthening of user authentication procedures at exchanges and the ‘suspicious transaction reporting’ systems used at banks for deals related to virtual currencies.

In his statement, Financial Services Commission (FSC) and task force chairperson Kim Yong-beom said that cryptocurrencies are neither money, nor currency, nor financial products.

“At this point, digital currencies cannot be considered money and currency, nor financial products.”

Full story at

Source: CoinTelegraph

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