South Korea Agencies Will Meet on Crypto, ICOs, Taxes

Crime, Event, FinTech, ICO News, Investing, News, Regulation | September 6, 2017 By:

South Korea’s Financial Supervisory Commission has scheduled a joint task force meeting on cryptocurrency, with strengthening regulations in the country high on the agenda.

The move comes in the wake of a similar meeting in China between regulatory bodies. That meeting resulted in an initial coin offering (ICO) ban, throwing the cryptocurrency market into a swoon. South Korea is one of the highest-volume exchange markets for cryptocurrency, and the timing of the regulatory meeting has some nervously eyeing its intent.

In addition to the Financial Supervisory Commission, the Korean Fair Trade Commission and National Tax Service will be part of the meeting. Anti money-laundering and know-your-customers rules will be reviewed, particularly as it relates to the remittance market and overseas providers. Taxes, consumer protections, and ICOs will also allegedly be discussed.