South Korea’s Financial Intelligence Unit (FIU) To Oversee Cryptocurrency Exchanges Directly

One of the main regulatory agencies of South Korea under the command of the Financial Services Commission (FSC), the Financial Intelligence Unit (FIU), has recently decided that the cryptocurrency exchanges of the country would start to be under its guidance. Before now, the exchanges were guided by the banks of the country.

This is part of an ongoing process. Last year, for instance, the entity required the banks to enforce a harsher regulation on these exchanges and to monitor them more.

According to the recent reports, Lee Tae-hoon, known as the director of the entity, affirmed that the local government is ready to start a new system in order to monitor these exchanges by using more international standards. This happens partly because of a new standard issued by the Financial Action Task Force, which is currently working in order to enforce more security in the crypto world.

Lee also affirmed that by being closer to the exchanges, the entity will be able to stop money laundering and shift the indirect regulation to a more directed regulation, which was always the goal of the agency. This way, the oversight over the market continues to grow.

It was also affirmed that, in order to follow the FATF’s guidance, the regulator would also force the exchanges to adhere to the same standards of Know Your Customer and Anti-Money Laundering regulation as more traditional financial companies do.

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