Korea to Tighten Crypto Exchanges Rules

Now domestic banks who provide services to crypto exchanges must now monitor all the accounts held by an exchange
28 June 2018   874

The Financial Services Commission of South Korea (FSC) has tightened the rules to combat money laundering, which relate to the activities of crypto exchanges. This is reported by CoinDesk.

According to the amendments, the banks that serve the exchanges are required to control the movement of both funds in the accounts of traders and their own assets of the cryptoexchanges. Also, financial institutions should notify the FSC about suspicious transactions.

The new rules appeared after check of three large Korean banks - Nonghyup Bank, KB Kookmin Bank and KEB Hana Bank. The regulator found that some exchanges transferred assets from the deposit account of investors to their own operating accounts.

According to the FSC, due to lack of control, exchanges can launder money or evade taxes by using their operating accounts to purchase cryptocurrency on foreign platforms.

As reported, the amendment will require banks to keep an eye out for transactions in which exchanges move assets to or from foreign exchanges. In cases where suspicious transactions come to light, the information must be shared with the FSC.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   83

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.