South Korea Inspects Cryptocurrency Accounts of 6 Banks

08 January 2018   1759

South Korea’s financial regulator said on Monday it is jointly carrying out inspections on six local banks that offer virtual currency accounts to institutions amid growing concerns increasing use of assets like bitcoin could lead to a surge in crime.

The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) of Korea will check if banks are adhering to anti-money laundering rules and using real names for accounts, FSC Chairman Choi Jong-ku told a press conference.

Virtual currency is currently unable to function as a means of payment and it is being used for illegal purposes like money laundering, scams and fraudulent investor operations. The side effects have been severe, leading to hacking problems at the institutions that handle cryptocurrency and an unreasonable spike in speculation.

 

Choi Jong-ku

Chairman, FSC

The six banks: NH Bank, Industrial Bank of Korea, Shinhan Bank, Kookmin Bank, Woori Bank and Korea Development Bank will be inspected between January 8 and 11. 

Choi Jong-ku said that they are also looking at ways to reduce risks associated with cryptocurrency trading in the country, which could include shutting down institutions that use such currencies. Choi warned that authorities would crack down on virtual currency crime and dole out heavy punishments on those who partake in market price manipulation, pyramid schemes and money laundering.

Bitcoin Ethereum Crypto Summit comes to Texas

Richardson is hosting a 1-day conference - Bitcoin Ethereum Crypto Summit on May 12 to teach the basics and catch up with the the latest in the cryptoworld
20 April 2018   30

Leading cryptocurrency and blockchain experts are coming to Richardson to participate in Bitcoin Ethereum Crypto Summit 2018. This one day event will take place on May 12 at Noah's Event Center. BECS positions itself as an affordable crypto event providing the quickest way to experience and learn about cryptocurrency live and in person, learn the terminology, the concept, and the hands on information with no experience required, and the public is invited to take part and attend.

Here is the list of some of the topics and sessions that will be covered:

  • Bitcoin and Cryptocurrency 101 – All the basics you need to get started
  • Government Regulation of Cryptocurrencies
  • Meet the Altcoins – Fast-paced review of over 20 of the top alternative cryptocurrencies, including Ripple, Stellar, Stratis, Monero, Dash, and many more
  • Cryptocurrency and Taxes
  • Overview of Cryptocurrency Exchanges such as Coinbase, Poloniex, and more
  • Cold Wallets, Hot Wallets, Paper Wallets, and more – The main types, how to use them, and keep your crypto safe!
  • How To Spend and Accept Bitcoin, Ethereum, and other Cryptocurrencies
  • The Basics of Blockchain and Internet of Money
  • Trading Bots and Trading Software
  • User Experience and the Blockchain
  • Mining 101 – What is it, how does it work, and should you start mining on your own?
  • How To Start Your Own Token or Coin
  • Understanding Coin Price Indexes

Doors open at 8:30 am.