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Regulator to step up oversight of bank accounts for cryptocurrency trading

All Headlines 14:50 June 27, 2018

SEOUL, June 27 (Yonhap) -- The financial regulator said Wednesday it will bolster oversight of bank accounts used for cryptocurrency transactions, in the latest effort to prevent cryptocurrencies from being exploited for money laundering.

In a statement, the Financial Services Commission (FSC) said it will step up monitoring of money transfers between local and foreign cryptocurrency exchanges.

The new guideline, which aims to prevent local cryptocurrency exchanges buying virtual coins at foreign exchanges to launder money, will come into force on July 10 for one year, the FSC said.

Regulator to step up oversight of bank accounts for cryptocurrency trading - 1

Financial authorities have strengthened their monitoring of bank accounts used by cryptocurrency exchanges to attract investors.

They plan to closely keep tabs on bank accounts used by cryptocurrency exchanges for parking their expenses, the FSC said.

South Korea began a real-name trading system for cryptocurrencies on Jan. 30, banning the use of anonymous bank accounts in transactions to prevent virtual coins being used for money laundering and other illegal activities.

The real-name trading system was also part of the government's latest measures to curb speculative investment into virtual money.

kdh@yna.co.kr
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