*This account is operated by Korean cryptocurrency exchange COINONE to deliver news related to cryptocurrency issues in Korea.
"Korean government will introduce a report system for cryptocurrency exchanges to block black money"
The government specifies a cryptocurrency exchange that buys and sells bitcoins as a "cryptocurrency handling business" and introduces a notification system. Unsecured stores will be blocked banking transactions, making it impossible to trade. Even if a business is reported, it may be subject to a disciplinary action by the financial authorities, including suspension of business if it violates the law.
The Financial Services Commission (FSC) said on April 19 that it will revise the "Act on Reporting and Utilization of Specified Financial Transaction Information". Sohn Sung-eun, head of planning and cooperation team at the Financial Intelligence Unit (FIU) said, "It is a legislation to include a cryptocurrency exchange as a direct supervision of the anti-money laundering system." It is the intent to block the transaction of 'black money' using cryptocurrencies.
The cryptocurrency handling businesses must be supervised and inspected by the financial authorities. Failure to comply with the law or pursue the instructions of the financial authorities may result in the recommendation of dismissal of officers, suspension of operations, institutional warnings, corrective orders, and so on.
http://news.joins.com/article/22730558