THELOGICALINDIAN - The borderline for crypto exchanges and account providers in South Korea to accommodated requirements to break accessible beneath the new adjustment has anesthetized Twentynine cryptocurrency exchanges met the borderline to abide operations but alone four of them can action trading in Korean won
New South Korean Crypto Regulation in Effect
The Act on Reporting and Using Specified Financial Transaction Information requires crypto exchanges to access Information Security Management System (ISMS) acceptance and abide a address to the country’s Financial Intelligence Unit (FIU) by midnight on Sept. 24. Exchanges that appetite to action trading in Korea won charge additionally anatomy a affiliation with a bounded coffer to action real-name accounts to users.
The Banking Services Commission (FSC), South Korea’s top banking regulator, said Saturday that 29 crypto exchanges are ISMS-certified and submitted a address to the FIU afore the deadline. Their submissions will be candy aural three months.
Only four out of 29 exchanges — Upbit, Bithumb, Coinone, and Korbit — accept auspiciously partnered with banks to action real-name accounts to their users. A coffer affiliation is appropriate for exchanges to action traders the adeptness to buy and advertise cryptocurrencies in barter for Korean won. The actual 25 exchanges are alone accustomed to accomplish as crypto-only exchanges.
The 29 crypto exchanges are now answerable to set up a arrangement to accept all-around anti-money bed-making standards alleged the “travel rule,” as recommended by the Financial Action Task Force (FATF), an intergovernmental anti-money bed-making watchdog.
Bithumb, Coinone, and Korbit are developing a collective arrangement to accede with the biking aphorism while Upbit, the better barter in South Korea, is alive on its own system.
After the Friday deadline, 37 baby crypto exchanges bootless to accommodated the authoritative requirements and charge abutting their businesses. Exchanges that abort to do so face a accomplished of up to 50 actor won ($42,365) or up to bristles years in prison.
What do you anticipate about 29 crypto exchanges affair the authoritative requirements in South Korea but alone four actuality able to barter in Korean won? Let us apperceive in the comments area below.
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