South Korea’s Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months

South Korea’s Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months

Foreign exchanges servicing clients in South Korea must register before two months’ time with the country’s financial watchdog or face blocked access and possible criminal inquiries.

  • According to a report by Yonhap News on Thursday, the Korea Financial Intelligence Unit (KFIU) is pushing for exchanges to register in line with the country's new anti-money laundering laws.
  • 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 thus far, no foreign crypto exchanges had obtained a certificate, 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 does not recognize crypto as legal assets despite pushing ahead to collect tax generated by crypto revenue beginning 2022.
  • Source

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