Representatives of the Financial Services Commission of South Korea (FSC) held a meeting with representatives of similar services in Japan and China and discussed the issue of regulationg of cryptocurrencies. This is reported by Yonhap News.
FSC Chief Choi Jong-Ku told reporters that regulators intend to deal with speculative investments. In his speech, Jeong Koo called investment in crypto currency "irrational".
Fever of speculative investment in cryptocurrencies is ongoing. However, cryptocurrencies are unable to play a role as a means of payment.
The publication was posted shortly after it became known that the Financial Intelligence Service (KoFIU) and the Financial Supervision Service (FSS) of South Korea began checking six banks working with the Crypto-Currency Exchange to ensure that they follow the new rules aimed at combating money laundering.
Yonhap News also notes that despite a boom in cryptocurrencies, their exchanges go largely unregulated in South Korea, as they are not recognized as financial products. There are also no rules for protecting cryptocurrency investors.