Southern Korea Introduces New Rules in Regulating Cryptocurrencies
Now South Korean companies who own any digital assets need to join the country’s game against money laundering. According to the document, since March, 25th, VASPs – the providers of virtual assets – should register before they start providing their services.
To the already existing companies, the South Korean Government offers to apply for registration till September, 24th. They will also have to go through the AML-checks to determine whether they meet the standards.
These companies will also have to inform the FSC about any transactions they find suspicious and identify their clients. Companies who violate these rules will be punished by paying a fine.