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ARTICLE · 09 APRIL 2018

South Korea Steps Up Oversight Of Cryptocurrency Exchanges

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In January 2018, the Korea Financial Intelligence Unit ("KoFIU") and the Financial Supervisory Service ("FSS") conducted a joint inspection of six Korean banks that provide trading accounts for cryptocurrency exchanges.

South KoreaFinance and Banking
Sarah Aberg
Sarah Aberg
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In January 2018, the Korea Financial Intelligence Unit ("KoFIU")1 and the Financial Supervisory Service ("FSS")2 conducted a joint inspection of six Korean banks that provide trading accounts for cryptocurrency exchanges. The joint inspection was conducted to collect information and to provide guidance regarding servicing these types of exchanges. The inspection represents a significant step by the Korean authorities to regulate virtual-currency exchanges in one of the most active cryptocurrency markets. According to a report by the BBC, South Korea is the world's third-largest market for bitcoin trades, behind Japan and the United States. In January 2018, CNBC reported that major cryptocurrencies like bitcoin and ethereum are priced higher in Korea's exchanges. As an example, the report cited a bitcoin sale on a Korean local exchange, Bithumb, priced at $17,169.65 per token, a 31% premium to the CoinDesk average price. The joint inspection focused on the banks'

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