According to Cointelegraph, South Korean regulators have shifted to over-the-counter (OTC) crypto trades amid growing concerns about their use for criminal activities. The financial regulators in the country are expected to keep track of trading in the OTC crypto market.
With insights from a report published in a local daily, Ki No-Seong, deputy chief prosecutor, and Park Min-woo, Financial Services Commission (FSC) and other regulatory officials attended a session on “Criminal Legal Issues Related to Virtual Assets” with a focus on the unregulated OTC crypto market.
It is believed that “Illegal virtual currency OTC companies have overseas corporations and are engaged in the business of converting illegally obtained virtual currency into Korean won or foreign currency. There is a need to regulate these companies as undeclared virtual asset trading businesses,”, No-Seong, explained.
Furthermore, the report is expected to have mentioned several instances of the use of OTC platforms to convert digital assets into Korean won, Cointelegraph concluded.
(With insights from Cointelegraph)
