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Bitcoin Daily: S.Korea Starts New Crypto Restrictions; Tanzania President Wants Central Bank To Explore Crypto

Bitcoin Daily: S.Korea Starts New Crypto Restrictions; Tanzania President Wants Central Bank To Explore Crypto

June 15, 2021 at 12:41AM
by PYMNTS

South Korea has rolled out a set of new restrictions on cryptocurrency exchanges, Crypto Briefing reported.

The Financial Services Commission (FSC) announced Sunday (June 13) that it would begin forcing banks to classify crypto clients as “high-risk,” the report stated. Those clients will also be subject to more strict monitoring and rules.

The FSC guidelines will now also make it so banks have to report high-volume transactions from suspicious entities, according to the report. They’ll also have to put in place know your customer (KYC) guidelines before partnering with crypto exchanges.

Banks are looking to cut down on regulatory risks posed by servicing crypto firms, the report stated, citing The Korea Times.

In other news, Tanzania’s president, Samia Suluhu Hassan, said Monday (June 14) that the country’s central bank should explore cryptocurrency, Cointelegraph reported.

“We have witnessed the emergence of a new journey through the internet,” she said, according to the report, adding that the form of digital currency has begun to have more of an impact on global finance.

She added that there has not been much adoption of crypto in the region, saying “the central bank should be ready for the changes and not be caught unprepared,” the report stated.

There have also been several Latin American lawmakers calling for more crypto adoption in developing economies such as El Salvador, where Bitcoin has been mandated as legal tender, according to the report.

Meanwhile, Goldman Sachs is expanding into Ether, Mint reported. The bank will be moving away from only focusing on Bitcoin.

Goldman will offer futures trading and options for Ether, which fuels the Ethereum network, the report stated, citing to a statement from Goldman Global Head of Digital Assets Mathew McDermott.

Earlier this year, the bank took another step toward more crypto acceptance when it reopened its dormant trading desk to help customers deal in publicly traded futures linked to Bitcoin, according to the report.

McDermott told Mint the bank also plans to deal in facilitating trades involved with exchange-traded notes linked to Bitcoin.