South Korea’s leading financial regulator – the Financial Service Commission (FSC) – thinks cryptocurrencies and stablecoins can facilitate money laundering and prepares.Notice whether local crypto whales comply with anti-money laundering laws?
As a result, the agency will closely monitor the actions of the country’s largest crypto holders. (who owns more than $70,000 worth of digital assets), according tonews reportlocal
Regulators stated that Cryptocurrencies are highly susceptible to money laundering processes. Which is why it is targeting crypto people worth over 100 million won (approximately $70,000).
“The greater the proportion of digital assets and stablecoins, the more The risk of money laundering is even higher,” the FSC said.
The main focus of the review will be on stablecoins, the agency said. Such assets have increased in popularity in the wider society and are “more likely to be used as a means of crime.”
It will also keep an eye on consumers who deposit large amounts of digital assets. implying that Some transactions may violate anti-money laundering laws.
almost a month ago South Korean law enforcement officers Tax evaders are also dealt with by them.seizeApproximately $180 million of cryptocurrency has been obtained from individuals and local authorities who evade taxation.
refer : LINK
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