The New Strategy of the South Korean Government Towards Cryptocurrencies
Kim Yong-beom, who is the deputy chairman of the South Korea's highest financial regulator, the Financial Services Commission (FSC), took part in a meeting of the Financial Stability Board in Basel, Switzerland. It is worth noting that the Financial Stability Board is an international body that exercises control and gives recommendations on the global financial system. It includes financial regulators and central banks from 24 countries, as well as the International Monetary Fund, the Bank for International Settlements, the World Bank, the European Central Bank and the European Commission.
According to a statement issued by the Financial Services Commission (FSC), which was published this week, Kim Yong-beom told other financial regulators that "the so-called kimchi premium was 0.6%."
The South Korean government believes that the real name system works
At the end of January, the South Korean government introduced a real name system for cryptocurrency accounts. Thus, such a decision effectively prohibited the use of anonymous bank accounts in transactions to prevent the use of virtual coins, in the issue of money laundering and other illegal actions.
At the same time, it should be noted that since the implementation, the system has been criticized. However, the financial regulator of South Korea repeatedly noted that he is still closely following the bank accounts of users who are used to exchange digital currencies.