The South Korean government announced today that sanctions will be imposed on cryptocurrency exchanges if they fail to voluntarily register with the country’s authorities by September 24.

These new regulations are expected to affect both Korea-based exchanges and foreign exchange operating in the Korean market. According to the press release, this includes all exchanges that support Korean, market to Koreans, or can make payments in Korean won.

Under the Specific Financial Information Act, the penalty for exchanges that continue to operate without registration is up to five years in prison or a fine of up to 50 million won – about $ 43,500. Sources suggest that there are also plans to block websites belonging to unregistered exchanges in the future.

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Korean users should check that the exchange they are using is registered on September 25th to avoid related penalties. As of this date, sales on such exchanges will be illegal in the country.

This announcement is the latest in a string of crypto-related regulations around the world. Earlier this week, the European Union announced plans to crack down on the sending and receiving of cryptocurrencies to curb money laundering. The SEC chairman said that cryptocurrencies in the US are subject to the rules and regulations for security-based swaps, noting that further regulation is likely. A meeting of the Chairman’s Working Group on Financial Markets and other US authorities on the use and risks of stablecoins also took place this week. Regulatory recommendations are expected in the coming months.