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South Korea’s Top Financial Regulator Is Forming a Dedicated Crypto Bureau
The Crypto Asset Monitoring Bureau will officially launch in September and oversee licensing for exchanges and other operators, among other responsibilities.
South Korea’s Financial Service Commission (FSC), the country’s top financial regulator, announced Thursday that it is forming an independent, crypto-focused bureau to supervise digital assets in South Korea.
- The new bureau will officially launch in September and fall under the authority of the Korea Financial Intelligence Unit (KFIU), an arm of the FSC that handles anti-money laundering enforcement.
- According to a report from the Korea Times, the new bureau will be called the Crypto Asset Monitoring Bureau and will be responsible for overseeing licenses for exchanges and other operators.
- Licensing is a key role given that FSC officials said in April that exchanges that do not register with and receive a license from KFIU by late September will not be permitted to operate in Korea. The FSC’s licenses require exchanges to tighten their know-your-customer (KYC) standards and collect personal information about customers.
- The bureau will also be responsible for monitoring for suspicious activity including fraud and money laundering, according to the Korea Times.
- South Korea’s ongoing crypto crackdown is tied to the growing level of debt among young people, which the government’s top regulator – FSC Chief Koh Seung-beom – has blamed, at least in part, on digital asset speculation.
Read More: Upbit Is First Korean Exchange to Register With Authorities Before September Deadline
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Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
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What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
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