Categories: Market

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.

Mr. Teacher

According to Coindesk

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

Previous postIs ENJ preparing for a big rally?


CoinX

Recent Posts

zkSync Mainnet v24 Upgrade Delayed, Sepolia Testnet Restoration Imminent!

zkSync developers have provided updates regarding the zkSync Era Sepolia testnet, aiming for full restoration…

10 hours ago

Dormant Bitcoin Wallets Awaken After 10.7 Years, Transferring $60.9M in 20 Minutes!

Two long-dormant Bitcoin wallets, identified as "16vRqA" and "1DUJuH," have suddenly sprung to life after…

12 hours ago

999 BTC Transferred from Huobi to Unknown New Wallet!

999 bitcoins (BTC) valued at approximately $60,853,459 were transferred from the cryptocurrency exchange Huobi to…

15 hours ago

Spot Bitcoin ETFs Outflows Threaten Price Plunge, Says Gold Advocate Peter Schiff!

Schiff anticipates an explosive rise Bitcoin ETFs in gold and silver prices, emphasizing their potential…

16 hours ago

Ethereum NFT Transaction Volume Plummets by 12.05% in Recent Week!

The NFT transaction volume on the Bitcoin chain totaled approximately US$49.6 million, reflecting a 10.58%…

16 hours ago

Bitcoin Asia Conference Draws 5,500 Attendees, Half from Mainland China!

Bitcoin Asia conference in Hong Kong made waves in the cryptocurrency community, drawing in an…

17 hours ago

This website uses cookies.