South Korea inspects six financial institutions over customers’ virtual currency accounts

South Korea inspects six financial institutions over customers’ virtual currency accounts

On Monday, South Korea's financial regulator told that it’s jointly executing inspections on six local financial institutions, offering virtual currency accounts to businesses amid soaring concerns that the most active use of assets like bitcoin could provoke a leap in crime.

The joint inspection by the Financial Services Commission as well as and Financial Supervisory Service is going to scrutinize if the country’s banks are adhering to anti-money laundering regulations and utilizing real names for accounts. That’s what FSC Chairman Choi Jong-ku informed at a press conference.

 Choi stressed that virtual currency can’t function as a means of payment now, and it’s being employed for illegal purposes like scams, money laundering and fraudulent investor operations.

As for the side effects, they’re severe enough, causing hacking issues at the institutions, which handle cryptocurrency, as well as an unreasonable jump in speculation.

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