The biggest self-regulatory cryptocurrency body is under scrutiny of Korean industry for its investigation principles affirming 12 out of 12 digital trades screened in a recent self-administrative drive.
The FSC revised its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because they aren’t opposed to cryptocurrencies.
From now on the cryptocurrency exchanges of South Korea form a new industry named “Cryptocurrency Exchange and Brokerage” able to operate at a large capacity with full government support.
This blockchain platform is aimed at providing important services like digital authentication and document certification services and community tokens.
Coinrail reported that a cyber-intrusion caused some ERC20-based tokens being stolen from the exchange worth nearly $40 million.
Although financial regulators found no evidence of suspicious business activities, the exchange still has to pay taxes amounting to $28 million.
The National Assembly of South Korea has put forward an official recommendation to allow the domestic ICOs in the country.
This step from Bithumb is in line with maintaining more transparency in its operations while complying with all the regulatory measures.
Having rather strict cryptocurrency policies, the government of South Korea took a decision to soften them and create more crypto-friendly regulation.
Korea’s biggest cryptocurrency exchange is being investigated by the local authorities which has led to crypto prices decline.