U.S. financial regulators require South Korea to submit encrypted currency transaction data

nBankruptcy comment: the New York State Department of Financial Services asked the South Korean Financial Supervisory Authority to share six domestic banks involved in cryptocurrency transactions survey data. Also includes the bank’s internal cryptocurrency regulatory measures. Due to South Korea’s important position in crypto currency trading, its market data is valued. While the world is contemplating how to regulate cryptocurrencies, the United States naturally hopes to obtain data from South Korea monitoring and extract the available information from a series of regulatory measures. Borderlessness of cryptocurrencies also allows many countries to hope that cooperation can be achieved at the regulatory level.n
nTranslation: Annie_Xun
The United States wants South Korea to encrypt monetary datan
When a small number of media reports in South Korea, the New York State Department of Financial Services (NYDFS) requested that the Korea Financial Supervisory Service (FSS) and the Korea Financial Information Center (FIU) share the data monitored by six large Korean banks. NYDFS oversees Bank of America, insurance companies, financial institutions and, starting in 2014, is responsible for awarding the much-dented New York Bitlicense certificate.n

From January 8 to January 11, FSS and FIU-monitored banks include Woori Bank, KB Kookmin Bank, Shinhan Bank, Nonghyup Bank, Korea Development Bank and Industrial Bank of Korea. However, the actual monitoring extended to 16. The aim is to ensure that banks do a good job of anti-money laundering of services provided by crypto-currency exchanges.n

In addition to requesting the submission of data, NYDFS also “asked to see the bank’s internal regulation of cryptocurrency transactions.”n
Media reports South Korean government officials speech content:n
n”Foreign governments are very worried about the regulation imposed on cryptocurrency transactions. The South Korean government conducts on-site monitoring and formulates guidelines. The New York financial regulator seems to be collecting data for analysis purposes.”n
Encrypted monetary measures and anti-money launderingn
The South Korean government is actively developing a cryptocurrency strategy. After reviewing only six banks, FIU has formulated a series of anti-money laundering guidelines for banks involved in cryptocurrency services. At the same time, financial regulators also released cryptocurrency regulatory measures in accordance with the commitments made on December 28. Earlier this month the government also ordered crypto currency exchanges to share real user data and identities with banks.n
South Korea Times reported South Korea’s financial regulator officials speech, “It seems the world is thinking about cryptocurrency measures.”n
Maekyung reports that Treasury Secretary Sigal Mandelker discussed on January 25 how to strengthen crypto-currency anti-money-laundering measures and discussed with Vice-Presidents of FSC about international cooperation measures. Mandelker at the Senate Banking Committee’s AML hearings said:n
n”We will aggressively crack down on any virtual currency exchange that is not equipped with an AML safety net.n

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