South Korean regulatory agency has turned its focus to trading over-the-counter (OTC) crypto amid growing concerns about its use in criminal activities It is reported that financial regulators in the country are monitoring trading on OTC crypto markets.
followreportPublished in the local daily newspaper stated that Deputy Chief Prosecutors Ki No-Seong and Park Min-woo from the Financial Services Commission (FSC) and other key regulatory officials attended to discuss the topic. “Criminal Law Issues Related to Digital Assets” with a focus on the unregulated OTC crypto market. During the event, No-Seong called for regulation of the crypto OTC market due to money laundering concerns.
“Illicit OTC cryptocurrency companies have overseas companies and are engaged in the business of converting illegally obtained cryptocurrencies into Korean won or foreign currencies. Therefore, it is necessary to regulate these companies.”
The report also cites several cases of using OTC platforms to convert digital assets into Korean won. By the International Crime Investigation Department of the Incheon District Prosecutor’s Office Three people have been arrested and prosecuted for engaging in illegal foreign exchange transactions between October 2021 and October 2022.
The three arrested were found Cryptocurrency worth $70.9 million (94 billion won) was purchased from overseas OTCs at the request of Libyans. It is then sent to Korea to be converted into cash. The value of illegal transactions made using cryptocurrencies was estimated by the Korean Customs Service to be $4 billion (5.6 trillion won) last year.
refer : cointelegraph
picture financemagnates
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