South Korea to Tighten Exchange Watch

Financial Services Commission will now directly control trading platforms and licensing system will be introduced, base on FATF recommendations

07 August 2019 133

South Korean authorities will tighten control over local cryptocurrency exchanges, expanding the powers of the Financial Services Commission (FSC), reports Business Korea.

Thus, the FSC unit, previously engaged in the preparation of recommendations for working with exchanges for banks, will now directly control trading platforms. Also, according to officials, a licensing system for exchanges will be introduced in the country in accordance with the recommendations of the Financial Action Task Force on Money Laundering (FATF). This, the Commission is sure, will increase transparency in the crypto industry.

If an amendment to the Act on Reporting and Use of Certain Financial Transaction Information, which reflects the FATF’s international standards for cryptocurrencies, passes the National Assembly, it will be possible to prevent money laundering through cryptocurrencies.

Lee Tae-hoon

Head of administration and planning, FIU

The official expressed the opinion that the transition from indirect regulation to direct will make control over the sector more effective.

In June the FATF introduced the final version of the guidelines for the cryptocurrency industry. They say that bitcoin exchanges and other cryptocurrency service providers must follow AML and CFT (counter-terrorism financing) procedures, similar to traditional financial companies.

Soon after the publication of the new FATF rules, South Korean banks tightened requirements for local cryptocurrency exchanges.

Exchanges Blockchain

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period

08 August 2019 247

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.