KFIU Korea requests foreign exchanges to register by September 24th
For a maximum fine of 50 million won ($ 43,455).
According to the report by Yonhap news Today, the Korea Financial Intelligence Unit (KFIU) is urging exchanges to register under the country’s new anti-money laundering law.
South Korea’s newly updated Financial Transaction Reporting Act requires all crypto exchanges to register with regulators and receive a certificate of information security by September 24th. . The country’s Financial Services Commission (FSC) announced that there are currently no overseas cryptocurrency exchanges that have received the certificate.
Despite repeated warnings from policymakers, South Korean investors are still buying lots of cryptocurrency and viewing it as a profitable asset amid the pandemic.
South Korea is pushing for a stricter regulatory framework against providers of virtual assets, including exchanges.
The country does not recognize cryptocurrencies as legal property, despite encouraging tax on annual profits in cryptocurrency trading of more than 2.5 million won (2,253) as of 2022.
According to Coindesk