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South Korea’s financial regulator conducts comprehensive inspection on unlicensed crypto exchanges

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On March 10, it was reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, had begun a \”comprehensive inspectio…

South Korea’s financial regulator conducts comprehensive inspection on unlicensed crypto exchanges

On March 10, it was reported that the Financial Services Commission (FSC), the highest financial regulator in South Korea, had begun a “comprehensive inspection” of the country’s cryptocurrency exchange. The FSC is particularly concerned about the 20 trading platforms that do not have a Korean trading license. This is the “first time” that the FSC has conducted a “comprehensive inspection” of exchanges that do not operate the legal currency market. It is expected that this inspection will focus on the anti-money laundering agreement.

South Korea FSC launched a “comprehensive inspection” of domestic encrypted trading platforms

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Keyword: Financial Services Commission, cryptocurrency exchange, anti-money laundering agreement

The Financial Services Commission, the highest financial regulator in South Korea, has recently started conducting a “comprehensive inspection” of the country’s cryptocurrency exchange. The FSC’s main focus is the 20 trading platforms that operate without a Korean trading license. The importance of this crackdown lies in the fact that it marks the first time the FSC has inspected exchanges that do not have legal currency trading.

The South Korean government has been strict in regulating cryptocurrency, as it sees it as an emerging market that needs tighter controls. The market became fertile ground for illegal activities such as money laundering, as it’s easy to trade crypto assets without proper oversight. The FSC has been actively seeking ways to monitor this sector more strictly, and this recent inspection is a step towards achieving that goal.

The inspection will focus mainly on the anti-money laundering agreement, which is crucial in detecting and preventing financial crimes. This agreement is crucial for the protection of the country’s financial system by ensuring that illicit funds are not laundered through the exchanges. The FSC will carry out this inspection thoroughly, making sure that these exchanges comply with the standard set for a licensed cryptocurrency exchange.

The crackdown on unlicensed crypto exchanges indicates that the Korean government is concerned about the potential risks associated with the illegal trade of digital assets. The FSC has been taking a concerted effort to ensure that the market operates transparently and securely. This inspection will determine which of the 20 exchanges operating without a license can continue to do so and which will be shut down.

In conclusion, South Korea’s FSC’s comprehensive inspection of cryptocurrency exchanges aims to not only prevent money laundering but deter illegal activities in the market. This crackdown will encourage exchanges to abide by the stringent guidelines set by the FSC, protecting investors and enhancing the development of the cryptocurrency industry in South Korea.

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