Crypto trading will be stopped if the criteria are not met
Crypto trading will be stopped if the criteria are not met More than 200 types of crypto exchanges in South Korea will be banned next September. Speaking at a meeting of the National Assembly's Political Affairs Committee last week, Eun Sung-soo, head of the country's Financial Services Commission, said: South Korea last year amended its anti-money laundering and financial reporting laws to include cryptocurrencies. The amendment was introduced by South Korea to curb illegal funding of digital assets. The government also said the cryptocurrency would be more risky and questionable than other assets. Under the new regulation, crypto exchanges must be registered as virtual asset service providers and meet various other criteria. It will have an anti-money laundering strategy, partnership with local banks, information management certification, and all the criteria to track the real name of the client. Eun, the chief executive, said no crypto exchanges had been submitted since the ...