South Korean Regulators Warn Dozens of Foreign Exchanges to Comply With New Rules
Overseas crypto exchanges marketing to Koreans will be blocked if they fail to comply with new South Korean regulations. The country’s anti-money laundering body has sent a notice to a number of foreign trading platforms warning them a registration is mandatory in order to provide services to Korean residents.
Korean Financial Intelligence Unit Notifies Foreign Crypto Exchanges of Registration Obligations
Access to foreign-based cryptocurrency exchanges can be denied and the platforms may face criminal investigations in South Korea if they don’t comply with the country’s new regulations for the sector. One of the key requirements is to register with the Korean anti-money laundering agency, the Financial Intelligence Unit (FIU), by Sept. 24.
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Regulator summons crypto exchange operators to meeting
Posted : 2021-06-03 16:36
By Anna J. Park
After the government announced measures last week to strengthen the supervision and monitoring of the cryptocurrency sector, the Financial Services Commission (FSC) summoned the country s 20 digital coin exchange operators to a meeting Thursday, raising interest in its plans regarding them.
The Financial Services Commission (FSC) said the Korea Financial Intelligence Unit (KoFIU) called the meeting to provide information and consulting on business reporting requirement procedures.
This is the first official move by the FSC on regulating local cryptocurrency operators, and the meeting only involved the 20 exchanges that had already obtained Information Security Management System (ISMS) certification from the government.
South Korean Regulators To Sanction Errant Exchanges Flouting AML Rules
Last Updated: 10 March 2021
In a bid to curtail anti-money laundering (AML) and Know Your Customer (KYC) violations, financial regulators in South Korea are introducing penalties to regulate cryptocurrency exchanges or virtual assets service providers (VASPs), as they’re known in the country.
This announcement was released by South Korea’s Financial Services Commission (FSC) on Wednesday.
Penalties For Crypto Exchanges Or VASPs
According to a revised proposal for the regulation of crypto exchanges, any organization that fails to take proper extensive data collection and identity verification measures would be subject to heavy fines. This news comes a day after Bithumb toughened up its AML rules. The South Korean exchange placed restrictions on a number of traders from countries that are on the FATF’s monitoring list. The exchange has also signed up multiple third parties to help with the implementat