South Korea considers cooperation with China and Japan for encrypted currency regulation

nStorming comment: Recently, South Korea supervised various aspects of the cryptocurrency market has become a common content of the industry news. According to the Yonhap news agency, South Korea’s financial regulator has been discussing with the relevant agencies in China and Japan last month about the regulation of cryptocurrencies and seems intent on jointly implementing the regulatory policy. However, judging from the current regulations on cryptocurrencies in the three countries, their understanding of this emerging market appears to be divergent. Therefore, it is rather curious whether the supervisory authorities of the three countries can cooperate or cooperate.n
nTranslation: Inan
It is reported that South Korea’s financial regulators are seeking to work with regulators in both China and Japan to devise new rules for encrypted currency transactions.n
A Yonhap news article on January 8 said representatives of the Korea Financial Commission (FSC) and relevant agencies of China and Japan had met last month to discuss the monitoring of investments in cryptocurrencies.n
Choi Jong-ku, chairman of the FSC, told reporters that the three countries of Japan, the ROK and Japan plan to join forces to curb speculative investment. He claims that cryptocurrency investment is “irrational” and states:n
n”The speculative investment boom for cryptocurrencies continues, but cryptocurrencies do not work as a payment method.”n
nBefore this report appeared, the Financial Services Authority of Korea (FSS) and the Korea Financial Intelligence Center (FIU) issued a statement saying they started investigating six major banks to ensure that their operations comply with the new anti-money laundering regulations.n
These banks are linked to the bitcoin exchange ecosystem in South Korea and, in recent months, the volume of cryptocurrencies in the area has been on the rise and the transaction price has been at a premium to the market in other parts of the world. South Korean officials have also previously expressed concerns about the speculative price of cryptocurrencies.n
In the meantime, the data website CoinMarketCap has removed the Korea Exchange from the data reference range on the grounds that the price gap earlier this week, which seems to indicate that there is a boom in crypto-currency speculation in South Korea.n

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