Foreign media: South Korea’s Financial Committee may consider regulating the cryptocurrency OTC market

Odaily Planet Daily According to Korean media reports, South Korea’s Financial Services Commission (FSC) Deputy Prosecutor General Ki No-Seong and Park Min-woo, as well as other important regulatory officials, participated in a meeting on “criminal legal issues related to virtual assets.” The discussion focused on the unregulated OTC market. During the meeting, No-Seong called for regulation of the market over concerns about money laundering risks. It is reported that a total of 172 cryptocurrencies are listed on Upbit, South Korea’s largest compliant crypto trading platform, while the OTC trading platform provides as many as 700 cryptocurrencies. South Korean Customs estimates that the scale of illegal transactions using cryptocurrency last year reached US$4 billion (approximately 5.6 trillion won). (Cointelegraph)