South Korean cryptocurrency exchanges to be directly administered by FIU

South Korean cryptocurrency exchanges are expected to be directly regulated by the Financial Intelligence Unit (FIU) if the South Korean regulator’s proposal is accepted. The South Korean watchdog, acting under the Financial Services Commission (FSC) to safeguard financial interests of the public, has recently divulged a plan to bring the South Korean cryptocurrency exchanges directly under its ruling and call a halt to indirect administration through local banks. In an official announcement, made on Aug 06, the country’s financial regulator revealed the motive behind the move. It declares that the initiative is expected to strengthen the transactional security and combat