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   482

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.

SEC to Cease Simex Securitites Trading

As reported, under the federal securities laws the SEC can suspend trading in a stock for 10 days
23 October 2018   41

The US Securities and Exchange Commission (SEC) suspended trading in securities of the American Retail Group (OTC: ARGB), also known as Simex, Inc. This is reported on the website of the agency.

According to representatives of the regulator, the decision was caused by false statements by the company about partnership with a “qualified and approved custodian”. The company also conducted an ICO, which allegedly "officially registered in accordance with the requirements of the SEC."

The SEC does not endorse or qualify custodians for cryptocurrency, and investors should use vigilance when considering an investment in an initial coin offering.

Robert A. Cohen

Chief, SEC Enforcement Division’s Cyber Unit

As reported, the SEC can suspend trading in a stock for 10 days and generally prohibit a broker-dealer from soliciting investors to buy or sell the stock again until certain reporting requirements are met.

Also earlier this month, the American regulator recommended investors to "be vigilant when considering the possibility of investing in the ICO."