South Korea will regulate cryptocurrencies, together with China and Japan

South Korean regulators intend to cooperate with colleagues from China and Japan to resolve problems related to cryptocurrency speculation.

«The financial services Commission of South Korea (FSC) will work with agencies from Beijing and Tokyo to curb speculative transactions: the Deputy Finance Ministers of the three countries have exchanged ideas on this issue», – said the Chairman of the FSC Choi Jong-Ku.

The financial regulator reported on the audit of banks, which will be held on Thursday with the participation of the Korean financial intelligence. He warned about the so-called «irrational tendencies» of investing in kryptolite, noting «the continued fever of speculative investment.»

According to the Chairman of the FSC, the cryptocurrency cannot be a means of payment, because «only causes side effects,» such as fraud, illegal means, the hacking of exchanges, of speculation and manipulation of market prices.

According to officials, it is advisable to close all companies associated with bitcoin, to minimize the aforementioned effects. He added that the experience of «trial and error» Korea can help in the tripartite efforts to introduce rules governing the use of cryptocurrency.

Now the financial regulator of South Korea conducts audits of six commercial banks, including Woori, Kookmin and Shinhan, which is expected to determine whether banks have identified operations for money laundering.

In December the authorities ordered banks to stop using «virtual accounts» used by crypto-currency exchanges to manage their client’s money. A new procedure for the confirmation of the identity of customers must be implemented by the end of January.

Korean government also intend to impose more stringent requirements to the sec and to toughen penalties for crimes related to cryptocurrencies.

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