South Korea: The LUNA investigation is leading the FSC to check...
Financial watchdogs in South Korea are checking commercial banks’ foreign exchange transactions for the illegitimate use of cryptocurrencies.that some of the transactions in question included cryptocurrency exchanges. That is why investigators are looking into any potential connections to currency speculation or money laundering involving digital assets.
An FSS representative acknowledged the information, with a Shinhan Bank representative confirming that a regulatory investigation is ongoing. The latter, however, said they were unable to disclose the precise amount of the transaction or its connection to cryptocurrency exchanges since those details can only be made public once the inquiry was over.
On the 19th, a high-ranking representative and the FSC confirmed that the latter is now working to establish a special committee for virtual assets. Members of the FSC, representatives from academia and the legal sector will make up the committee. At the earliest, a special committee will be established this month.Following the failure of the TerraUSD stablecoin, South Korean financial regulators conducted “emergency” inspections of domestic cryptocurrency exchanges.
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