South Korea to monitor crypto-whale activity

The Financial Services Commission of Korea (FSC), as part of its anti-money-laundering drive, will begin tracking transactions of users whose assets exceed 100 million KRW (~$70,000). News1 Korea reports. 

Such clients must report any material changes to their accounts on a quarterly basis.

The initiative is tied to new AML principles.

The regulator linked the risks of breaching anti-money-laundering rules to the share of digital assets and stablecoins. The latter, in FSC’s view, may serve as the primary instrument.

In August, the Commission charged 16 foreign cryptocurrency platforms for offering services to residents without registration.

A month earlier, the FSS began an investigation into alleged assistance by local banks in overseas transfers to crypto exchanges totaling $6.5 billion, linked to the “kimchi premium.”

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