Financial regulators in South Korea have launched a new digital currency task force, with an eye to introduce new regulations for exchanges by early next year.
The Financial Services Commission convened the first meeting of its new task force this week, and the agency is planning additional hearings over the next few months. Other government bodies represented on the task force include the the Ministry of Strategy and Finance and the Financial Supervisory Service. The Bank of Korea, the country’s central bank, is also involved in the initiative.
In a translated announcement release, the agency cited “regulatory blind spots” as drivers for action, as well as money laundering and tax evasion risks.
The move comes as South Korea’s financial system has pursued varied applications of blockchain, particularly in the area of remittances.
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