South Korea doubles down on fighting crypto money laundering

South Korea’s Financial Service Commission is looking to clamp down on money laundering by targeting whales.

South Korean regulators are keen to do more to ensure that crypto money laundering is dealt with once and for all.

To this end, the Financial Service Commission (FSC) is focusing on tackling cryptocurrency whales in the country.

The regulator is focusing on investors who have assets that are worth more than 100m won, or roughly $70,000.

The FSC wants to ensure that it intervenes in cases of the illicit use of cryptocurrencies or their use for obfuscating money trails.

The FSC is already operating under a set of revamped rules that urge the regulator to look into those so-called crypto whales, and especially those who have amassed “extraordinary amounts” of stablecoins and other digital assets.

South Korea is also tracking deposits carefully and trying to alter its digital currency and asset policies to bring more transparency to the sector.

The country has been one of the jurisdictions to hit out against the crash of Terra and has launched a manhunt for Terra Labs co-founder Do Kwon who refuses to give himself in to South Korean prosecutors.

As recently as August, the FSC was looking to review 13 bills on virtual assets as the country is trying to adapt new measures, such as tax regimes and introduce additional safety mechanism for retail consumers and investors.

The country has recently postponed a proposed 20% tax on cryptocurrencies on 2025, giving consumers and businesses a grace period to adapt

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Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.