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   569

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.

Santander to Deny XRP Token Usage Info

It turned out that bank uses xCurrent in One Pay FX instead of XRP token for international payments, as it stated earlier
25 March 2019   71

Santander, a large Spanish bank, in its Twitter spread incorrect information about cooperation with Ripple.

And although the majority of cryptocurrency holders reacted positively to the statement of Santander, some of them drew attention to the fact that this news had no effect on the growth of XRP trading volume.

It soon became clear that the bank provided incorrect information.

xCurrent allows Ripple customers to make payments using Fiat as well as digital currencies. A similar product, the operations in which are carried out using XRP cryptocurrency, is called xRapid.

Despite the official apology, some commentators suspected the bank of manipulating the market.