Regulator summons crypto exchange operators to meeting
Posted : 2021-06-03 16:36
By Anna J. Park
After the government announced measures last week to strengthen the supervision and monitoring of the cryptocurrency sector, the Financial Services Commission (FSC) summoned the country s 20 digital coin exchange operators to a meeting Thursday, raising interest in its plans regarding them.
The Financial Services Commission (FSC) said the Korea Financial Intelligence Unit (KoFIU) called the meeting to provide information and consulting on business reporting requirement procedures.
This is the first official move by the FSC on regulating local cryptocurrency operators, and the meeting only involved the 20 exchanges that had already obtained Information Security Management System (ISMS) certification from the government.
The Finance Ministry, Fair Trade Commission and National Tax Services and Korea Customs Service will each be tasked with overseeing specific areas of crypto regulation and supervision.
Lack of rules on cryptocurrency confuses market participants
Posted : 2021-05-02 15:47
By Lee Kyung-min
Commercial lenders and cryptocurrency exchange operators remained confused Sunday over an unclear set of revisions that require the former to essentially oversee the latter following the passage of a related bill governing digital coins.
Many of them say the lack of government guidelines on anti-money laundering and risk evaluation methods could derail their current individual screening measures at any moment, given sketchy policy stances influenced by volatile public sentiment.
The Korea Financial Intelligence Unit (KoFIU), an organization in charge of anti-money laundering and combating financing terrorism under the Financial Services Commission (FSC), has yet to provide any guidelines other than: Banks should set up evaluation criteria of their own. This pushed the Korea Federation of Banks to come up with such measures, mostly by relying on outside consultants.
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United Kingdom: FCA publishes feedback statement on Open Finance
Some of the key findings that the FCA draws out in its feedback statement are:
A legislative framework would be needed for open finance to develop fully, both to provide any statutory right to data access and to support a regulatory framework.
In addition to the regulatory framework, the following building blocks would be needed for a sustainable open finance ecosystem to develop – either in support of voluntary adoption or to support future legislation:
consumer protections informed by an ethical framework;
a liability model;
an implementation entity that is funded and governed equitably; and