South Korea to tighten OTC crypto controls
<img width="250" height="159" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-250×159.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-250×159.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-700×445.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-768×488.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-120×76.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-245×156.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396-500×318.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-South-Korea-to-tighten-OTC-crypto-controls-5183646965iStock-1490781396.jpg 1285w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">A local report detailed how prominent executives attended a forum on the legal issues and potential criminal dealings associated with digital assets. Among these were Ki No-Seong, the deputy chief prosecutor, and Park Min-woo of the Financial Services Commission (FSC).</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p><span data-contrast="auto">This session highlighted money-laundering possibilities and concerns. According to a Google-translated statement, Seong commented:</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<blockquote><p><span data-contrast="auto">Illegal virtual currency OTC companies have overseas corporations and are engaged in the business of converting illegally obtained virtual currency into Korean won or foreign currency. There is a need to regulate these companies as undeclared virtual asset trading businesses.</span><span data-ccp-props="{"201341983":0,"335559685":720,"335559739":160,"335559740":259}"> </span></p></blockquote>
<p><span data-contrast="auto">An OTC crypto market is a digital exchange that often escapes government scrutiny. Trades thus include unregulated transactions and peer-to-peer exchanges. Upbit, the largest regulated cryptocurrency platform in South Korea, features about 172 cryptocurrencies, while OTC platforms offer something like 700 cryptocurrencies.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
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<p><span data-contrast="auto">The stated report alleges that people have used OTC platforms to exchange digital assets for Korean won on several occasions. In the past two years, the International Department of the Incheon District Prosecutor’s Office arrested three people for suspected illegal foreign exchange activities. Because of this and other threats, South Korea commits itself to addressing OTC exchanges and stamping out these unlawful actions.</span><span data-ccp-props="{"201341983":0,"335559739":160,"335559740":259}"> </span></p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/south-korea-to-tighten-otc-crypto-controls/">South Korea to tighten OTC crypto controls</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>
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