South Korea to draw up measures against cryptocurrency money laundering

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November 28 2017

South Korea will map out measures to prevent cryptocurrencies from being used as a tool for money laundering, the nation’s top regulator said Tuesday.  Kim Yong-beom, vice chairman of the Financial Services Commission, made the remarks at a forum organized by the Financial Intelligence Unit, a government agency in charge of preventing financial crimes.

Cryptocurrencies, such as bitcoin and ethereum, have rapidly gained popularity in recent years, but risks are also growing.  South Korea is home to one of the world’s largest bitcoin exchanges, with about 1 million people estimated to have the best-known digital currency.