South Korean Authorities Investigate Stablecoins After UST Disaster!

According to a new report from the country’s Financial Services Commission stablecoins It is considered to be quite open to money laundering.

South Korean Regulatory Authority Plans To Examine The Role Of Stablecoins In Money Laundering

According to local news agency News1, South Korea Financial Services Commission (FSC) plans to study the proportion of stablecoins used on crypto exchanges to prevent money laundering.

The FSC’s “Methods of Development, Improvement and Implementation of the Risk Assessment Index for New Businesses” report states that financial officials consider stablecoins to be highly vulnerable to money laundering.

That’s why the regulator has expressed a view that it should examine the proportion of stablecoins used on exchanges as a way to address the money laundering threat, News1 reports.

South Korean authorities have been very active regarding digital assets in recent years, and as of August, 13 crypto-related bills are pending in the country’s parliament.

In June, the South Korean government began forming a committee specifically to oversee the digital assets market with the collapse of the Terra network.

Approximately 280,000 South Korean terra stablecoin TOP and LUNAIt was believed that he was the victim of a decline in value.

Recently, South Korea’s anti-money laundering agency found 16 foreigners operating in the country without regulatory approval. cryptocurrency announced that it was a company.

your country bitcoin and the registration requirement for crypto firms came into effect in September with the enactment of the Financial Transaction Reports Act.

*Not investment advice.