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   1089

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.

Cobalt & Lithium Supplies to be Tracked With DLT

The platform will be created by the Everledger together with Circulor using Hyperledger Fabric
26 March 2020   202

Everledger, a British startup, has partnered with Circulor to develop a platform based on the Hyperledger Fabric blockchain to track supply chains of cobalt and lithium.

Everledger specializes in using blockchain to combat counterfeiting of precious stones, in particular diamonds. The company’s management said it intends to expand its business using blockchain to control the supply of rare minerals used in the production of batteries.

Well-known carmaker Mercedes Benz is already using Circulor technology to track its supply of cobalt and its carbon footprint. Circulor and Everledger share a similar concept - with the help of the blockchain they control the observance of social and environmental standards in mining. Therefore, startups decided to develop a joint product.

Everledger co-founder Leanne Kemp and Circulor CEO Doug Johnson-Poensgen said their solution will work on the Hyperledger Fabric blockchain. The possibility of interacting with IBM is also being discussed.

Poensgen added that the platform will be used not only to track cobalt production in the Democratic Republic of Congo, but in different regions of the world. For example, lithium mining in the Atacama desert leads to water pollution, so the solution on the blockchain is aimed at preventing environmental disasters.