Crypto Updates

South Korean Regulators Target OTC Crypto Trades

Large Securities Companies in South Korea Plan to Launch a Crypto Exchange in H1 2023

Korean financial regulators are intensifying their scrutiny of over-the-counter
(OTC) cryptocurrency trades due to rising anxieties about their potential use
in criminal activities. Reports indicate that regulatory authorities in the
country are closely monitoring transactions in the unregulated OTC crypto

Chief Prosecutor Ki No-Seong and Park Min-woo from the Financial Services
Commission (FSC), along with other key regulatory officials, convened for a
session titled “Criminal Legal Issues Related to Virtual Assets.” In
the meeting focusing on the unregulated OTC crypto market, No-Seong stressed
the need for regulatory oversight to combat money laundering concerns.

Seong’s statement, when translated
through Google Translate, conveyed the following message: “Illegal virtual currency
OTC companies have overseas corporations and are engaged in the business of
converting illegally obtained virtual currency into Korean won or foreign
currency. There is a need to regulate these companies as undeclared virtual
asset trading businesses.”

term “OTC crypto market” includes exchanges that lack official
recognition from the South Korean government. It includes all cryptocurrency
transactions conducted outside regulated platforms, including peer-to-peer


Platforms Exploited for Converting Digital Assets to Korean Won

to a report, South Korea’s largest regulated crypto platform, Upbit, offers
trading of 172 cryptocurrencies, while OTC platforms boast an extensive
selection of up to 700 cryptocurrencies

Click Here to Read the Full Original Article at CryptoCurrency – Finance Magnates | Financial and business news…