The top financial regulator of South Korea joined the ongoing testing in the local cryptocurrency exchanges. Now, the Financial Services Commission, or the FSC, will be taking part in investigations for the anti-money laundering purposes. The main target is to expand the scope of the investigation.
Now, the FSC will check all bank accounts that belong to Korean cryptocurrency exchanges for their compliance with the anti-money laundering act and other measures for fraud prevention.
The main subject of the revision and audit is going to be Bithub, the largest cryptocurrency exchange in the South Korea. Moreover, the cryptoexchange has announced its plans to launch the own token later this year.
Despite the investigation, the watchdog doesn’t oppose to using the blockchain or cryptocurrency. It is just evaluating the legality of the services provided by the exchanges and their compliance with the local and international legislation, and nothing more than that.
Moreover, the country financial bodies have already announced that they are for the blockchain development as well as the wider use of cryptocurrencies, but only in legal ways.