Seoul Blockchain Company In Hot Water And The United Kingdom Looks At Crypto Firms

Having multiple employees test positive for COVID-19 is not something any company wants. Asia Kyungjae recently reported that a prominent blockchain provider in Seoul has done just that. This company has apparently had 44 employees be pronounced positive for the coronavirus. At this point, all of these employees have been quarantined.

Reviewing The Report Of The Seoul Blockchain Firm’s Coronavirus Outbreak

The news report indicates that the company is located within the southern Gwanak District in Seoul. This area is renowned as the spot for major technology and innovation-based organizations. There has been worry that this new epicenter could lead to a relaunch of COVID-19 contractions. This has inevitably caused great concern.

In earlier reports, it was discussed how visitors to Jeju Island have to adapt within the pandemic. Jeju Island is a tourist hub within South Korea. The local authorities have mandated that all visitors are to make use of an application running on the blockchain. This would be able to ensure that while personal identities remain autonomous, tracking can be achieved if needed.

United Kingdom’s Financial Regulators Are Looking Into Crypto Firms

The world is eager to curb the rise in cryptocurrency scams. At no other time has this seemed more urgent than now as people look for alternatives to fiat currency. Therefore, the United Kingdom’s Financial Conduct Authority, or FCA, has been looking into further regulatory requirements. Namely that they would have to provide more information in line with Anti-Money Laundering legislation.

The FCA released a consultation paper earlier where they have put forward a new motion. This motion would increase the scope of yearly financial crime reporting to encompass crypto exchange and digital wallets. The financial authority shared how the aim of this was to gain insight into which organizations have greater risks.

The risks in question are risks of illicit financial activities that are directly linked to the nature of their business operations. The FCA has argued that through the provision of this data, they will be enabled to have a data-centric approach. Therefore, they would be able to incorporate data into the drafting of more appropriate regulations going forward.

More Insight Into The FCA And Its Work With The Crypto Industry

For the past four years, the FCA has been integrating effective business intelligence practices into their regulations. The express aim of this is to reduce the level of reporting required by organizations. Additional benefits include the aim to reduce money laundering within the UK and to retain the country’s economic reputability.

The additional data provided by crypto firms and digital wallet providers would allow for greater understanding. This understanding could then be used to create a risk-index and appropriate scanning for financial crime prevention. The FCA has stated that through the updating of this regulation would see data from an additional 4 500 organizations.

The filing of these reports would be mandatory, regardless of their annual revenue amounts. They would need to show how they are individually taking on financial crime.

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