The Financial Supervisory Commission of South Korea (FSC) held a meeting of the working group on digital currencies, discussing measures to strengthen control, which will be aimed at protecting consumers and eliminating the "gray zones" in this area. This is reported by the Business Korea.
The meeting was held on the last Friday, September 1, and representatives of the Fair Trade Commission and the National Tax Service also took part in it.
Among the planned measures, there are:
- strengthening the authentication of users procedure
- improvement of banks’ suspicious transaction report systems
- tighten the monitoring on petty overseas remittance service providers who use digital currencies as means to transfer money abroad in cooperation with related agencies
- regulations on domestic trading of digital currencies
However, the greatest attention is paid to the plans to tighten control over the ICO. In particular, it is assumed the responsibility of the organizers of ICO.
We will clearly state the foundations of the Act on the Regulation of Conducting Fund-Raising Business Without Permission for illegal fund-raising impersonating digital currency investment and strengthen levels of punishment. We will expand the application range of Act on the Regulation of Conducting Fund-Raising Business Without Permission and come up with regulations on digital currency trading by establishing the law.
Official FSC statement
The representative of FSC also noted that at this stage digital currencies can not be considered money, currency or financial product.