South Korean financial authorities expressed their opposite stance against Busan City to provide special regulatory support for foreign crypto firms to establish digital asset exchanges, local media outlet Money Today reported Thursday.
The Financial Intelligence Unit (FIU) under the Financial Services Commission of South Korea said judicial risks, investor risks and money laundering risks exist in cooperation with foreign cryptocurrency exchanges that will cause reverse discrimination against local cryptocurrency exchanges in the country.
“If Busan City unreasonably rushes to establish a digital asset exchange, it may be criticized for saying that the referee (government) acts as the player (operator) before the disciplinary system advises.
On Aug. 26, the South Korean city of Busan signed a memorandum of understanding (MoU) with Binance, the world’s largest cryptocurrency exchange by trading volume, which will help the local government to establish its own exchange or the Busan...
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