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Monitoring for suspicious cryptocurrency transactions starting next year
As the market for cryptocurrencies, such as bitcoin, heats up and investors flock to it, the nerves of policy and supervisory authorities are also becoming more sensitive.
Bitcoin jumped more than 1,000% to $ 50,000 on 16 from $ 4,900 a piece in March of last year, and the market capitalization also surpassed $ 1 trillion (about 1.1 trillion won).
The market capitalization is less than Apple’s, which has more than $ 2 trillion, but Tesla (approximately $ 685 billion) far surpassed it.
Will Bitcoin continue to fly like a mythical Pegasus (winged horse) in the future?
The key is whether to sustain the “close and rise” investment enthusiasm and political uncertainty.
Regulatory risk is a variable that cannot be ignored.
For the United States and other governments and central banks, Bitcoin remains just a ‘fake currency’ with no intrinsic value.
◇ Bitcoin on the Rise … Sensitive Political Authorities
On the 22nd (local time), United States Treasury Secretary Janet Yellon, the epicenter of Bitcoin’s surge, said: “Bitcoin is a speculative asset, it cannot be a payment method, and it is extremely volatile, so that investors are concerned about possible losses. ” Exploited.
He mobilized the highest level to define Bitcoin as a speculative asset.
In a hearing on the approval of the United States Senate on the 19th of last month, he said: “I think that a lot of cryptocurrencies are used mainly for illegal finance,” he said. “It is necessary to consider ways to reduce such use and prevent money laundering.”
Bank of Korea Governor Lee Ju-yeol attended the National Assembly Finance and Planning Committee plenary meeting on the 23rd and said that “crypto assets have no intrinsic value and will show very high price volatility in the future.
Although I did not speak directly, it is a message not to speculate on assets that do not have any intrinsic value or price stability.
The central banks and governments of each country think the same as Minister Yellen and Governor Lee Ju-yeol.
He agrees with the opinion of the professor of the University of New York, Nouriel Rubini, that it is not a currency because there is no mediating function of value, storage and exchange, which are the three conditions of money.
Countries are extremely cautious about the use of cryptocurrencies like bitcoin as a means of black transactions such as money laundering, property concealment, terrorist fundraising, and cybercrime.
Consequently, international cooperation on cryptocurrency regulations is expected to be further strengthened.
Professor Seong Tae-yoon from the Yonsei University Department of Economics said: “From the perspective of the governments and central banks of various countries, there may be concerns that cryptocurrency is being used as a means to prevent money laundering. or normal currency transactions, which undermines the transparency of international financial transactions and disrupts the financial market. “
A Bank of Korea official said: “The world’s major countries, such as the United States, Europe and Japan, have already taken or are preparing legislative measures related to investor protection and money laundering, and the system is expected to relevant regulatory framework continues to be supplemented or strengthened in the future. “
◇ Monitor cryptocurrency money laundering such as palmistry
Virtual currency is not an asset within the institutional sphere like stocks or bonds, so there was no government department dedicated to it.
There is also no industrial classification code from the National Statistics Office.
Until now, when there is a problem in the cryptocurrency market, it has been discussed at a meeting of deputy ministers from various ministries overseen by the Prime Minister’s Office.
However, based on the revised Specific Financial Information Law, which will take effect on the 25th of next month, the Institute for Financial Information Analysis (FIU) under the Financial Services Commission will begin direct supervision with a clue that it is related to money laundering. ‘.
The Financial Services Commission is now in charge of administration and oversight.
FIU has been monitoring the suspicious flow of funds in virtual currency transactions through banks, but in the future, it receives reports directly from providers of virtual assets (cryptocurrency exchanges).
First of all, from the 25th of the following month to the 25th of September, after receiving a business report for 6 months, the reception selection and related training will be completed before the end of the year, and large-scale surveillance and supervision the next one will start. anus.
Virtual asset providers like Bithumb, Upbit, and Coinone are required to verify the identity of cryptocurrency traders, report suspicious transactions or high cash value transactions of more than 10 million won, and are also required to keep records.
For example, you can withdraw a large amount of cash transaction funds from your Bitcoin account and transfer them to several different accounts, appear directly on the exchange for large amounts of transactions, or go to the exchange frequently without having a special job to send. the transaction amount without using account transfer The case of withdrawing in cash can be a suspicious case.
A FIU official said: “I will go to the site directly from next year after training on suspicious transactions or risky transactions for virtual asset providers during the year and will check if they are adequately complying with information obligations.”
Domestic cryptocurrency investors must pay a 20% tax if they earn more than 2.5 million won from next year.
This is because the cryptocurrency is not recognized as a financial asset, so it is a heavy tax compared to the share transfer tax.
/ yunhap news
