The Department of financial services of the state of new York (NYDFS) has approached two South Korean financial regulators with a request to share data related to cryptocurrency transactions, the result of recent inspections of six major Korean banks.
Local media reported that the NYDFS addressed to the financial Supervisory Service of South Korea (FSS) and the financial intelligence unit (FIU) with a request to share the data obtained in the result of their audits of the six largest Korean banks. NYDFS monitors banks, insurers and financial institutions of the state of new York. The Department is also responsible for issuing Regulations in new York in 2014.
The South Korean FSS and the FIU examined the work of Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank (KDB) and Industrial Bank of Korea (IBK) in the period from 8 to 11 January, as reported
earlier. The purpose of the visits was to ensure the implementation by banks of their obligations under anti-money laundering (AML) related to the services they provide cryptocurrency exchanges.
In addition to the query results, check six banks, NYDFS also «asked to study the internal rules of banks for cryptocurrency transactions,» — said
edition and Chosun quoted the official representative of the Korean government:
«Foreign governments Express great concern regarding the regulation of cryptocurrencies… Financial regulators in new York seem to collect information for research purposes».
The Korean government is actively developing measures to control the circulation of cryptocurrency. After inspections of six banks FUI has released a set of guiding principles for the fight against money laundering, which banks must observe when dealing with cryptocurrencies. Simultaneously, the regulators also issued rules for the regulation of digital currencies. Earlier this month the government ordered the cryptocurrency exchanges to share data of its users with the banks under the new system of accounts tied to real names.
Korean financial official was quoted in Korea Times: «it Seems the whole world is interested in our approach to the regulation of virtual currencies».
According to Maekyung, 25 January the Minister of Finance of the USA Mandelker Sigal (Sigal Mandelker) has discussed with the Vice-Chairman of the Korean financial services Commission (FSC) Inbum Kim (Kim Yong-bum), the issue of strengthening measures against the laundering of money associated with cryptocurrencies, as well as opportunities for international cooperation. He said
«We will actively fight any cryptocurrency exchange, which does not comply with rules for combating money laundering».
Perhaps, the request of the financial regulator of new York- the first sign that the state is preparing to issue new regulations in relation to cryptocurrency and eyeing the approach of the South Korean regulators.