South Korea double downs on crypto regulation, arrests 3 people over illegal trading biz

South Korea’s Financial Services Commission (FSC) volition hasten the process of reviewing the existent bills connected crypto regulation, South Korea’s Edaily reported connected Aug. 11.

FSC president Kim Joo-Hyun told South Korea’s National Assembly that the caller crypto regularisation would follow a balanced attack that ensures investors’ extortion and marketplace innovation.

Kim continued that the reappraisal process for these bills would beryllium faster. A task unit comprising experts successful the backstage assemblage and ministries volition enactment unneurotic to guarantee the reappraisal is fast-tracked.

The apical authorities authoritative besides said the caller regulations would lucifer the champion practices of what tin beryllium recovered globally. Kim said:

“Considering the characteristics of virtual assets which are decentralization, anonymity, and transnationality, [the FSC] volition pass internationally and lucifer planetary regulatory consistency.”

Since Terra’s (LUNA) ecosystem crashed successful May, South Korea has taken a much salient stance toward crypto regulation to debar a repeat.

President Yoon Suk-Yeol had promised a broad crypto regulatory model to support investors successful the country. The projected Digital Asset Basic Act volition apt harvester the 13 proposals being debated astatine the National Assembly.

Three radical arrested implicit amerciable crypto transactions

According to a Bloomberg News report, South Korean prosecutors person arrested 3 radical progressive successful illicit crypto transactions.

The authorities began investigations successful July aft discovering astir $3.5 cardinal worthy of suspicious overseas speech transactions from branches of 2 large banks successful the country.

The investigations person present led to the apprehension of 3 individuals alleged to beryllium operating a crypto trading concern without a license.

According to reports, they operated a steadfast that sent $307 cardinal (400 cardinal won) overseas for arbitrage profits.

Other charges against them see precocious measurement overseas speech transfers and falsification of information submissions.

The station South Korea treble downs connected crypto regulation, arrests 3 radical implicit amerciable trading biz appeared archetypal connected CryptoSlate.