South Korea tightens regulation of cryptocurrencies & ICO

The Financial Supervisory Commission of South Korea planned measure for regulation of ICO and cryptocurrencies
05 September 2017   1190

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.

Coinbase to Expand Services for Asia

Among the services available now there are Coinbase Prime, Pro and Custody
22 January 2019   119

Coinbase, the leading US cryptocurrency company reported that from now on its professional trading and custodial platforms are available to institutional clients and investors with large volumes from the Asian region.

In particular, according to the Coinbase blog, users of Asia will have access to the option of depositing accounts and withdrawing funds using SWIFT transfers through non-US bank accounts.

In the past 12 months, hundreds of crypto-first hedge funds have launched around the world, and many hundreds more traditional institutions such as proprietary trading firms, family offices and endowments have begun actively trading digital assets. Coinbase’s suite of professional products — Coinbase Prime and Pro, Coinbase Custody — serves these customers, along with other participants in the market, like asset issuers, crypto exchanges, and miners.
 

Elliott Suthers

Coinbase

Among the services available there are Coinbase Prime, Coinbase Pro and Coinbase Custody, which also supports the steamer USDC.

In December 2018, Coinbase began to provide services to residents of the islands of Guernsey and Maine, as well as Lithuania, Iceland, Andorra and Gibraltar.