South Korea Targets OTC Crypto Regulations
According to a report by the Korean Customs Service, illegal foreign exchange deals involving virtual currency were valued at $4B...
- Illegal foreign exchange deals involving virtual currency were valued at $4 billion in South Korea last year.
- South Korean regulators are focusing on over-the-counter (OTC) crypto transactions due to concerns over criminal use.
- Financial regulators are monitoring the OTC cryptocurrency market and discussing regulatory measures.
- Deputy chief prosecutor Ki No-Seong advocates for regulating the OTC cryptocurrency market to address money laundering concerns.
- OTC platforms offer a larger number of cryptocurrencies compared to regulated platforms like Upbit.
- Instances of OTC platforms being used for converting virtual assets into Korean won have been cited.
- Three individuals were arrested and indicted for engaging in illicit foreign exchange transactions using virtual currency.
- South Korea has strict crypto regulations in place and has been proactive in addressing crypto-related offenses.
The article highlights concerns over illegal foreign exchange deals involving virtual currency in South Korea and the need for regulation. It also mentions the proactive approach of South Korean regulators in combating crypto-related offenses. Overall, the sentiment is focused on addressing the issues and implementing stricter regulations.