The Financial Services Commission of South Korea will monitor the whales crypto with more than 100 million won in assets.Seeks to prevent any money laundering or other illegal activity.
The Financial Services Commission of South Koreayou've announced new rules for the market cryptocurrencies that requires the monitoring of the holders of cryptocurrencies that have more than 100 billion won (347,000 dollars)in the asset class.
This is an effort to ensure there is no money laundering,one of the many steps that it is taking the regulator for financial enforcement of the AML.
He says that “the higher the ratio, the higher the risk of money laundering” and believes that stablecoins are likely to be used especially for criminal purposes. The report says:
“In the case of an independently listed virtual asset, it is possible that it did not meet the listing criteria of other virtual asset operators, and it can be assessed that the money laundering risk of virtual asset operators with a high proportion of virtual assets the asset is high.
This is yet another step by the FSC to enforce some rules in the market . The collapse of the Terra ecosystem shook the country. Officials have now redoubled their efforts to ensure investor protection.
Crypto Whales Facing Extensive AML Rules
The South Korean Financial Intelligence Unit (FIU) is an agency dedicated to preventing money laundering and illegal fund flows. It recently conducted a survey of crypto exchanges focusing on AML violations and counter-terrorism financing obligations.
The agency concluded that there was insufficient compliance with these requirements. It has said that it will regularly disclose illegal transactions and activities. It also encourages exchanges to establish a proper AML system.
These rules relate to how to check for suspicious transactions and what to do in the event of a violation. For example, if someone withdraws 500 million won ($350,000) in 10 minutes, an investigation should be conducted. Failure to report suspicious activity by the exchange could result in a fine of nearly 30 million won.
South Korea wants no room for money laundering
South Korea you've been particularly keen to ensure that money is not laundered through the crypto market . The FSC met with other government agencies at the Financial Action Task Force (FATF) meeting to discuss efforts related to AML and counterterrorism financing.
The FSC chief also called for caution regarding allowing domestic companies to enter the crypto market. Meanwhile, the Governor of the Financial Supervisory Service has said that cryptocurrencies could be subject to securities laws.
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