Cryptocurrency-Related Data from Korea Raising Interest

According to South Korean media reports, The New York State Department of Financial Services (NYDFS) is requesting for cryptocurrency-related data. NYDFS wants the FSS (South Korean Financial Supervisory Services) and FIU (Financial Intelligence Unit) to share data got during the inspection of six major South Korean banks.  The New York State Department of Financial Services supervises banks, financial institutions, and insurers in the United States. The NYDFS is also behind the infamous issuance if the Bitlicense since 2014.

The FSS and the FIU inspected the following banks;

  • Korea Development Bank (KDB)
  • Industrial Bank of Korea (IBK)
  • KB Kookmin Bank
  • Shinhan Bank
  • Nonghyup Bank
  • Woori Bank

As per news reporting, the inspections took place between January 8th and 11th. Authorities behind the inspection how however revealed that the inspection period extended to January 16th. The purpose of the inspection by the FIU and FSS was to ensure that the financial institutions adhere to Anti-money laundering (AML) obligations.

The US Wants South Korea’s Cryptocurrency-related Data

News reports reveal that the NYDFS is requesting to see cryptocurrency-related data from six South Korean banks. The NYDFS also wants to inspect the internal dealings and cryptocurrency regulations of the six financial institutions. A South Korean government official was quoted saying that there is a lot of foreign interest in the regulations being imposed on the country’s cryptocurrency trading. The government official went on to state that the NYDFS intends to use the cryptocurrency-related data from for “research” purposes.

Crypto Countermeasures & AML

Globally, governments are rushing to set and implement cryptocurrency regulations. The South Korean government has been attracting global attention thanks to the cryptocurrency countermeasures they have been devising. After the inspection of the six banks, the FIU devised a set of anti-money laundering guidelines it expects banks to follow when dealing with digital currency transactions.

Earlier this month, the South Korean government mandated that all cryptocurrency exchanges should share their client data with banking institutions under the real name system. Additionally, South Korean regulators also published the countermeasures to cryptocurrency regulations as they promised on December 28th.

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry that something went wrong, repeat again!