South Korea continues to enforce stricter rules on the cryptocurrency space with the latest legislation to classify exchanges as high-risk entities. The move comes as the Asian country aims to enhance the monitoring of financial transactions and user ID verifications.
The Korea Times reported that the Financial Services Commission (FSC), South Korea’s financial watchdog, has implemented a new classification on cryptocurrency exchanges.
According to the new legislation, trading venues will be placed in the same category as other high-risk organizations.…
South Korea continues to reaffirm its grip on crypto regulations as the country’s regulator has ordered all of its officials to report their digital asset holdings.
Additionally, the nation’s Financial Minister said that South Korea will “inevitably” impose taxes on gains from virtual asset trading next year.
FSC Employees to Report Crypto Investments
The East Asian country has been discussing various cryptocurrency regulations for the past few years. Most recently, South Korea’s Financial Services Commission asked financial companies to monitor…
South Korea’s financial regulator, the Financial Services Commission (FSC), has announced new possible penalties for cryptocurrency exchanges based or operating in the country if they fail to comply with existing anti-money laundering (AML) rules.
New Penalties for Crypto Exchanges in South Korea
According to the FSC’s statement from earlier today, the newly-announced initiative will affect all virtual asset service providers (VASPs), including digital asset exchanges.
The revision proposal for the supervisory regulation is scheduled to become effective on March 25th,…