South Korea focuses on OTC crypto regulations as unlawful deals reach $4B
According to the Korea Customs Service report, the value of unlawful foreign exchange transactions made using virtual currency was estimated to be worth $4 billion last year. South Korean regulators have turned their focus to over-the-counter (OTC) crypto trades amid growing concerns about its use for criminal activities. The financial regulators in the country are reportedly monitoring the OTC crypto market trades. According to a report published in a local daily, deputy chief prosecutor Ki No-Seong and Park Min-woo of the Financial Services Commission (FSC) and other vital regulatory officials attended a session on “Criminal Legal Issues Related to Virtual Assets” with a focus on the unregulated OTC crypto market. During the event, deputy chief prosecutor No-Seong called for regulating the OTC crypto market due to money laundering concerns. A google translated version of Seong’s statement read: "Illegal virtual currency OTC companies have overseas corporations and are en...