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10 May 2021

Korean Financial Watchdog Demands Employees File Crypto Investment Reports - Decrypt

Korean Financial Watchdog Demands Employees File Crypto Investment Reports - Decrypt


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The Korean Financial Services Commission (FSC) has ordered FSC officials dealing with cryptocurrency policies to file reports on their own crypto investments.

According to Yonhap News Agency, in December 2017 an employee of the Financial Supervisory Service made significant profits from cryptocurrency trading before the official announcement on the policies and regulatory frameworks introduced by the government of South Korea later that year.

The news of the FSC's order to employees comes in the wake of reports that South Korea is set to strengthen guidelines on overseas cryptocurrency transactions, with the country’s government expressing concerns over “speculative trading” and the possible use of Bitcoin in illegal activity.

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