South Korea announces the broad outlines of a law for the exchange of crypto-currencies

The financial services Commission (FSC) of South Korea finalizes its proposals to regulate the exchange of crypto-currency. This follows an earlier law, called ” Bitcoin Regulation Act “, introduced by the legislator Park Yong-jin. During this time, the Prime minister is very concerned about the growth and risks associated with crypto-currencies, especially with regard to the Bitcoin.

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The FSC attack the platforms of trading of crypto-currencies

The FSC is in the process of finalize the outline of a proposal for a law regarding the trade of crypto-currencies. According to the daily newspaper the Hankyoreh, the law that will be proposed in the ” deal of the operations performed by the platforms of exchange of crypto-currencies, such as Bithumb, Coinone and Korbit, as a collection of funds is not authorized. “Currently, the exchange of crypto-currency under the Act on the protection of consumers in transactions of e-commerce. This means “they can be exploited as a e-commerce Web site by any person who has registered as a provider online,” said The Hankyoreh. Although the FSC considers the crypto-currency not as a financial instrument, but as a collection of funds that are not authorized, it is forced to recognize that crypto-currencies are very popular across the world. Remember that South Korea also plans to tax any type of trade, involving the use of Bitcoins.

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The FSC is deeply committed on the question of crypto-currencies

Not later than yesterday, the FSC also held a meeting with the national Federation of banks to announce its policy to fight against money laundering. The event was attended by more than 200 officials, including representatives of the agencies of law enforcement and the customs service Korean. Four policies to combat money laundering have been announced, including measures of prevention of money laundering using Bitcoin. “We will improve the security of financial transactions by establishing a system of discipline corresponding to the risk of money laundering of new products,” said the vice-chairman of the FSC, Kim Yong-beom. He also insisted on the development of counter-measures that will prevent crypto-currencies, such as Bitcoin, to become a channel for money laundering.

Source : News.Bitcoin