Authorities in South Korea will work to support virtual asset service providers' compliance efforts as the country awaits proper legislation.
“Although the KoFIU has been carrying out its oversight functions mainly within the framework of anti-money laundering efforts, we will operate a strategic analysis team on virtual assets to more systematically analyze criminal activities involving virtual assets so that we can provide more meaningful and valuable data to the investigative authorities,” KoFIU Commissioner Rhee YunsuFive domestic crypto services providers attended the meeting and reported their measures for dealing with...
Upbit, a South Korean exchange, said it had used artificial intelligence to help with fault transaction detection, according to the statement. Another exchange, Bithumb, said it has developed its exchange app to detect illegally matched orders and automatically shut down related features when it catches a remote control app being deployed.to better protect crypto investors.
The new legislation, comprised of 19 crypto-related bills, gives the FSC and the Bank of Korea the authority to oversee crypto operators and asset custodians. The new bill also allows authorities to enforce penalties in cases of unfair trading of virtual assets.it would require domestic companies to disclose cryptocurrency holdings from next year as part of new accounting rules.
The new rules will also require crypto issuers to disclose information including token details, business models and internal accounting policies. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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