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South Korea To Look Into Cryptocurrency Exchanges

  • Amid conducting additional inspections into accounting practices at big companies, the South Korean financial regulator may inspect some of the country’s crypto exchanges

Cover image via U.Today

Amid conducting additional inspections into accounting practices at big companies, the South Korean financial regulator may inspect some of the country’s cryptocurrency exchanges, local news revealed on Friday.

Yoon Suk-Heun, the chief of the Financial Supervisory Service was quoted as saying he "personally feels a need to promptly push to regulate cryptocurrency tradings."

Cryptocurrency exchanges run mostly unregulated in South Korea, as they are not recognized as financial institutions, though there are some measures taken to identify speculative transactions.

"[The government has taken] a cautious stance, as the digital currency bears many uncertainties and no unified global rules exist. [The government] should make efforts toward creating regulations," said Yoon.

About the author

Paul Hackley is a journalist and essayist, focusing on blockchain and cryptocurrencies, with a strong interest in the future of the technology.

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