South Korea reaches out to Asian neighbors in effort to regulate cryptocurrencies

South Korean financial authorities plan to cooperate with Chinese and Japanese colleagues
09 January 2018   366

Right now South Korea is one the countries with the biggest cryptocurrency-related infrastructure. Several large exchange services are also stationed there. All this makes South Korean regulators the biggest heavy-hitters in the field of cryptocurrency regulations. And now they plan to join forces with their Chinese and Japanese colleagues to promote inter-state regulations and law-making effort.

Also, as you can understand, the prosecutors will be able to reach across borders to investigate and close up any illicit activities such as money laundering and crime financing, performed through the blockchain.

Korean authorities plan to step forward and exchange their trial-and-error experience in cryptocurrency regulations for all of the Asian countries to benefit from. Deputy finance ministers from all three countries have already conducted a meeting last month to exchange ideas in the field.

For example, right now South Korean authorities are investigating six banks for the possible involvement in money laundering. Accounts of cryptocurrency traders are the primary targets in this investigation effort. The banks should acts as a gatekeeper to filter out the possible illegal activities and must report any such findings, said South Korean Financial Service Commission chairman Choi Jong-ku. In the latest interview to Yonhap News Agency he also briefed media about upcoming bank inspection, that will run starting this Thursday with Korean Financial Intelligence Unit participating in the action.

iPayment to cooperate with Aliant Payment Systems

iPayment, Inc., a payment provider for small and medium-sized businesses (SMBs), today announced a partnership with Aliant Payment Systems
23 May 2018   73

This new partnership will allow iPayment to facilitate digital currency acceptance for merchants and their channel partners. 

Our goal at Aliant is to be one of the first adopters and facilitators of cryptocurrency in the traditional payments space. Partnering with an established, quality organization like iPayment helps us achieve that goal. We are looking forward to mutually moving into a new territory of block chain and cryptocurrency and providing our shared clients with an alternative form of accepting and processing secure, cost-effective payment transactions.
Eric Brown
Founder, CEO, Aliant Payment Systems, Inc.

Aliant Payment’s Crypto Processing Gateway provides merchants with the possibility  to accept cryptocurrencies like Bitcoin or Litecoin, in both digital and card-present environments.

The payments landscape is always changing. iPayment is continually pursuing partnerships with organizations that not only anticipate these changes, but develop innovative solutions to address them – and that is exactly what Aliant has done. We’re looking forward to cultivating this partnership and introducing crypto payment acceptance to our channel partners and adding it to our overall product offering.
Denise Tahali
Senior Vice President, Partner Sales, iPayment, Inc. 

From this new product innovation, iPayment is aimed on small business enablement and delivering efficient services and resolves for business developments. Aliant also lets e-commerce and mobile vendors worldwide to adopt different payment forms, and it provides a complete line of credit card machines, ATMs and payment technology. 

With the help of this collaboration, iPayment can now supply Aliant’s Crypto Processing Gateway to partners and merchants who wish to accept these forms of digital payments.