S. Korea seeks cooperation in cryptocurrencies regulation

South Korean financial regulators intend to join forces with colleagues from China and Japan to develop common rules for cryptocurrencies trading
10 January 2018   347

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.

Choi Jong-Ku
Chief, FSC

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.

Japanese 'Money Forward' to Launch Crypto Exchange

Money Forward Financial is going to launch a media crypto platform this summer, and afterwards - a digital assets exchange
24 May 2018   63

The operator of the popular application for personal finance management Money Forward Inc intends to launch a cryptocurrency exchange this year, BC Focus reports.

Japanese fintech-company has been working in this direction since December last year. To implement the plans, the company has already registered a subsidiary division called Money Forward Financial.

Money Forward Financial is going to launch a media cryptocurrency platform, and afterwards - a digital assets exchange. In the future, the company plans to create a number of more advanced solutions for working with crypto-currencies, including automated payment systems and various analytical tools.

Currently, the customer base of the company has about 5 million users. The cloud application of Money Forward Inc for tax accounting and financial management is used by 500,000 Japanese companies and 2,400 accounting firms.

Big Japanese financial institutions are making steps to cryptocurrency business. Mitsubishi UFJ Financial Group (MUFG), world's 5th biggest bank has announced plans to introduce own cryptocurrency by 2019.