Korea’s FSC Chairman Nominee Skeptical Over Cryptocurrency as Financial Asset
A former central bank official, nominated to head South Korea’s financial watchdog, has expressed skepticism about recognizing cryptocurrency as a financial asset. In comments to a parliamentary committee, Koh Seung-beom has confirmed his views on the matter align with those of international institutions. Candidate to Head Korea’s Financial Regulator Says Crypto Is Not Currency Koh Seung-beom, who may become the next Chairman of the Korean Financial Services Commission (FSC), has shared doubts regarding the value of cryptocurrency as a financial asset and its....
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Seung-beom Koh said that fintech experts across the globe “find it difficult to see virtual currencies as a financial asset." Seung-beom Koh, a nominee for chairman of South Korea’s Financial Service Commission (FSC), does not regard cryptocurrencies as a financial asset. In a press meeting with local journalists, Seung-beom said that fintech experts from prominent organizations such as the G20, the International Monetary Fund and others “find it difficult to see virtual currencies as a financial asset, and think they could not function as a currency.”Seung-beom's comments coincide with....
Upbit is one of South Korea’s largest cryptocurrency exchanges alongside Bithumb, Coinone and Korbit — who are collectively referred to as “The Big Four.” Major South Korean cryptocurrency company Upbit has reportedly submitted a business report with the Korean Financial Intelligence Unit (FIU).Upbit reported its digital asset business to the FIU, which operates under South Korea’s top financial regulator, the Financial Services Commission (FSC). Upbit’s operator, Dunamu, announced the news on Friday, The Korea Economic Daily reported.Upbit is one of South Korea’s largest cryptocurrency....
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Strict reporting rules for crypto businesses in South Korea are set to come into effect with existing firms given six months to comply or face stiff penalties. South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country.According to Korea JoongAng Daily, South Korea’s Financial Services Commission has amended its financial reporting rules to include the cryptocurrency sector.This amendment mandates all crypto businesses — exchanges, asset managers, wallet providers, and....