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South Korea's Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months
The Korea Financial Intelligence Unit is pushing for exchanges to register in line with new anti-money laundering laws.
Updated Sep 14, 2021, 1:29 p.m. Published Jul 22, 2021, 7:07 a.m.
Foreign crypto exchanges that have customers in South Korea must register with the country's financial watchdog in the next two months or face blocked access and possible criminal inquiries.
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- The Korea Financial Intelligence Unit (KFIU) is pushing for exchanges to register in line with the country's new anti-money laundering laws, according to a report by Yonhap News on Thursday,
- An updated Financial Transactions Reports Act requires all crypto exchanges to register with the country’s regulators by Sept. 24 and obtain a certificate on information security.
- Yonhap cites officials of the Financial Services Commission who said that no foreign crypto exchanges had obtained a certificate so far, echoing previous statements from its chair in April.
- South Korea has been pushing for tougher legislation against virtual asset service providers, including exchanges.
- The country doesn't recognize crypto as legal assets, even though it plans to start collecting tax generated by crypto revenue next year.
Read more: South Korean Banks to ‘Review’ Partnerships With Crypto Exchanges
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