The Top financial regulators named FSC, in South Korea is planning for a special investigation bureau for the crypto regulation implementations. In addition, a deed with the regulatory authorities in China is also to made as per this plan related to the crypto and ICO’s more strict regulations.
More Strict Regulations
As per a local news report in the Koran times:
“The Financial Commission in South Korea ‘FSC’ in upcoming days may undergo a major restructuring to establish a bureau exclusively for regulating the country’s blockchain industry with a lifespan of two yeas as per the Fourth Industrial Revolution Era.”
As per an FSC official :
“This new investigation Bureau will also be tasked with policy initiatives for financial innovation, such as innovating financial services using fintech or big data, and responses to new developments and challenges such as Digital Currencies.”
The First Senior Deputy Governor of FSS, ‘Yoo Kwang-yeol’, recently met with the Deputy Chairman of the Insurance Supervision and Management Committee of the Bank of China. They both have agreed to integrate the Financial Supervisory Cooperation Agreement with adding the upcoming digital technologies, ‘Blockchain technology’ eligible for the tax benefits under the Tax Exemption Restriction Act.
Real-Name System For Trading Expiring Soon
According to local reports by Money Today:
“The contracts between crypto exchanges and commercial banks for the issuance of real-name accounts must be renewed “every six months to encourage virtual currency trading sites to continue their anti-money laundering efforts. Existing contracts will expire at the end of this month.”
So far, until now only four biggest crypto exchanges in the country have real name system trading. Coinone Korbit, Upbit and Bithumb can re-issue real-name accounts for their users, while other active exchanges in the country have chosen to continue to use corporate accounts. Another Exchange ,Coinplug may become the fifth trading platform to implement this name trading system.