THELOGICALINDIAN - The CEO of the South Korean cryptocurrency barter Bithumb has fabricated some predictions apropos the accessible new rules administering the civic industry In actuality the controlling believes there will alone be amid four and seven exchanges actual the new regulation
Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time
During an account with Hanguk Hyungjae, Heo Baek-young fabricated an apocalyptic anticipation for the bounded crypto firms. He believes that abate companies could “struggle” to accommodated the Information Security Management System (ISMS) acceptance requirements.
In South Korea, there are about 50 crypto exchanges in operation as of columnist time. Upcoming regulations will become effective in March, but firms accept been accustomed a six-month adroitness aeon to accommodated the appropriate measures.
The adapted Special Financial Transactions Information Act was accustomed by the National Assembly accounts board in November aftermost year.
Under the framework, crypto exchanges are appropriate to chase a alternation of cyberbanking protocols, including bond chump accounts to individuals and their coffer accounts that are absolute by a bounded identification document.
Bithumb’s bang-up accepted the new rules and believes his aggregation is accessible to accommodated all the requirements by the deadlines. Heo acicular out the accent of appropriate from “companies with bad intentions.” He said:
However, he still thinks that abounding added platforms could attempt to accept by new anti-money bed-making (AML) protocols.
Is Anonymous Crypto Trading Coming to an End in South Korea?
The new rules additionally name the Financial Intelligence Unit (FIU) as the authoritative babysitter to baby-sit the South Korean crypto industry, which additionally seeks to end the anonymity in crypto trading.
Nowadays, Upbit, Korbit, and Coinone are advised above crypto exchanges in the country. Experts believe these companies are able to accede with the requirements imposed by the new regulations.
On Jan. 8, the South Korean government issued an alteration to acquaint a tax on cryptocurrency trading profits. It will be allowable in February, and profits from affairs and affairs cryptos in South Korea will be burdened at 20% starting in 2022.
What do you anticipate about the Bithumb executive’s words? Let us apperceive in the comments area below.
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