Bitcoin
$42,462.55+2.11%
Ethereum
$2,911.04+2.81%
XRP
$0.940342+1.77%
Cardano
$2.33+2.62%
Polkadot
$30.59+3.39%
Stellar
$0.276472+0.19%
Dogecoin
$0.208052+1.67%
Chainlink
$22.67+1.78%
Uniswap
$19.41+1.38%
Cosmos
$40.00+6.84%
Polygon
$1.12+1.10%
Algorand
$1.76-1.93%
Litecoin
$151.46+3.08%
Bitcoin Cash
$511.99+2.62%
Wrapped Bitcoin
$42,531.14+1.96%
The Graph
$0.677441-0.29%
Filecoin
$62.05-1.88%
Tron
$0.090990-1.12%
Tezos
$7.28+19.03%
Ethereum Classic
$47.16+2.74%
Aave
$277.24+0.74%
Monero
$237.39+2.88%
NEO
$39.21+0.09%
EOS
$4.00-0.02%
IOTA
$1.24-0.58%
BitTorrent
$0.003257+0.78%
Bitcoin SV
$134.23+0.30%
Waves
$24.43-3.44%
Maker
$2,268.69+0.89%
Dash
$166.24+1.31%
Decred
$117.52+5.55%
Decentraland
$0.683381+1.57%
ICON
$1.56+0.19%
NEM
$0.147546+0.78%
Zcash
$110.02+0.95%
OmiseGO
$8.90+0.16%
Paxos Standard
$1.01+0.02%
Yearn Finance
$29,835.04+5.69%
NuCypher
$0.279098+4.57%
Ren
$1.06+9.34%
Qtum
$9.69+0.34%
Bitcoin Gold
$52.66+2.01%
Basic Attention Token
$0.642014+1.00%
Fetch.ai
$0.824896+6.46%
0x
$0.897396+1.69%
Kava.io
$6.03+4.94%
Bancor
$3.43+1.64%
Band Protocol
$7.38-0.03%
Siacoin
$0.014656+1.16%
Nano
$4.67+1.06%
Loopring
$0.380524+1.05%
Numeraire
$42.28+6.45%
Storj
$1.08+1.69%
Civic
$0.457773-0.08%
Lisk
$2.93+5.20%
Orchid
$0.319508-0.14%
PAX Gold
$1,758.67-0.25%
Enzyme
$134.53+2.68%
Augur
$20.54-0.23%
Aragon
$4.75+4.89%
district0x
$0.154982+7.93%
Kyber Network
$1.44+1.69%
SingularDTV
$0.001282-4.03%
Tether
$1.00-0.02%
USD Coin
$1.00-0.03%
Dai
$1.00-0.03%

South Korea’s Top Financial Regulator Is Forming a Dedicated Crypto Bureau

The Crypto Asset Monitoring Bureau will officially launch in September and oversee licensing for exchanges and other operators, among other responsibilities.

Aug 26, 2021 at 6:46 p.m. UTC
Updated Aug 26, 2021 at 7:38 p.m. UTC

South Korea’s Financial Service Commission (FSC), the country’s top financial regulator, announced Thursday that it is forming an independent, crypto-focused bureau to supervise digital assets in South Korea.

  • The new bureau will officially launch in September and fall under the authority of the Korea Financial Intelligence Unit (KFIU), an arm of the FSC that handles anti-money laundering enforcement.
  • According to a report from the Korea Times, the new bureau will be called the Crypto Asset Monitoring Bureau and will be responsible for overseeing licenses for exchanges and other operators.
  • Licensing is a key role given that FSC officials said in April that exchanges that do not register with and receive a license from KFIU by late September will not be permitted to operate in Korea. The FSC’s licenses require exchanges to tighten their know-your-customer (KYC) standards and collect personal information about customers.
  • The bureau will also be responsible for monitoring for suspicious activity including fraud and money laundering, according to the Korea Times.
  • South Korea’s ongoing crypto crackdown is tied to the growing level of debt among young people, which the government’s top regulator – FSC Chief Koh Seung-beom – has blamed, at least in part, on digital asset speculation.


DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Cheyenne Ligon is a CoinDesk news reporter with a focus on crypto regulation and policy.

Loading...