THELOGICALINDIAN - The borderline for cryptocurrency exchanges and wallet operators to accede with the new authoritative requirements to break accessible in South Korea is this anniversary So far alone one crypto barter has been accountant to abide operations About 60 crypto exchanges are accepted to either shut bottomward or abate services
60 Crypto Exchanges Expected to Shut Down or Reduce Services
Under the “Act on the Reporting and Use of Specific Financial Transaction Information (Special Act),” crypto exchanges charge be Information Security Management System (ISMS)-certified and annals with the South Korean Financial Intelligence Unit (FIU) by Sept. 24. Crypto exchanges that abort to do either charge cease operations on that date.
According to bounded media, 34 exchanges accept not accustomed ISMS certification, so they are accepted to shut bottomward absolutely on Sept. 24.
A absolute of 29 crypto exchanges accept been ISMS-certified but alone one has auspiciously registered with the FIU, a assemblage of the Banking Services Commission (FSC), the country’s top banking regulator.
The Financial Intelligence Unit captivated its aboriginal crypto business analysis affair Friday to analysis the address submitted by Dunamu Inc., the abettor of Upbit, the better crypto barter in the country. The analysis board accustomed the report, authoritative Upbit the aboriginal accountant crypto barter abettor in the country.
The FIU added appear Friday that besides Upbit, four added crypto barter operators accept submitted a report: Bithumb, Korbit, Coinone, and Korea Digital Barter (Flybit). In addition, a wallet operator, Korea Digital Asset (KODA), has additionally submitted a report.
The FSC said:
In addition, registered crypto exchanges that appetite to action trading in Korean won charge additionally accomplice with banks to accommodate users with real-name absolute accounts. So far, alone the country’s better exchanges — Upbit, Bithumb, Coinone, and Korbit — accept anchored cyberbanking partnerships. Banks are afraid to accomplice with abate exchanges due to risks such as money laundering.
That means, 25 crypto exchanges out of the 29 that accept been ISMS-certified will be crypto-only exchanges if they auspiciously annals with the FIU. They charge cease alms trading in Korean won by Sept. 24 and should accept already notified their barter as appropriate by the cyberbanking regulators. Four companies — Gopax, Gdac, Hanbitco, and Huobi Korea — said they are still alive to defended cyberbanking partnerships by the deadline.
Currently, out of 63 crypto exchanges, alone the top four exchanges will abide to accomplish as normal. The blow will either shut bottomward or abate services.
What do you anticipate about all these crypto exchanges accepting to shut bottomward beneath the new regulation? Let us apperceive in the comments area below.
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