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S. Korea to draw up measures against cryptocurrency money laundering

2017/11/28 15:59

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SEOUL, Nov. 28 (Yonhap) -- South Korea will map out measures to prevent cryptocurrencies from being used as a tool for money laundering, the nation's top financial 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.

"We will draw up thorough countermeasures that prevent cryptocurrencies, like bitcoin, from being a new channel for money laundering," Kim told the forum.

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.

Despite a boom in transactions of digital currencies, such exchanges are largely unregulated as they are not recognized as financial products. Also there are no rules protecting people who invest in digital money.