Express

New Regulatory Rulings May Force South Korean Crypto Exchanges to Close

Amy Liu

Summary: South Korean crypto-related firms said they are concerned that banks are being given too much power by the country’s financial regulators. In the latest regulatory rulings unveiled this week, regulators stated that banks would be obliged to decide whether or not they want to do business with crypto exchanges using their own anti money-laundering (AML) ...

South Korean crypto-related firms said they are concerned that banks are being given too much power by the country’s financial regulators.

In the latest regulatory rulings unveiled this week, regulators stated that banks would be obliged to decide whether or not they want to do business with crypto exchanges using their own anti money-laundering (AML) risk assessment processes.

The move will mean banks have the final say on which exchanges ultimately receive regulatory permission to operate – as unbanked exchanges will be unable to obtain operating permits under the new law.

By Amy Liu

Last Update:

Tags: ,,
Link: New Regulatory Rulings May Force South Korean Crypto Exchanges to Close   [Copy]
  • The GENIUS Act & Stablecoin Regulation: BRG's Dominic Zagara on Crypto's Defining ... 18 hours ago
  • Bitcoin Weekly Analysis: Volume-Price Divergence and High-Level Consolidation Anticipat... 4 days ago
  • Will Introduction of the Stablecoin Act Trigger a Financial Tsunami? 5 days ago
  • Trump Just Opened the Floodgates: What Happens When $9 Trillion in Retirement Money Hit... 8 days ago
  • US Crypto Stash Shock: Marshals' Low BTC Count Fuels 'Secret Sale' Debate, Ignites Buyb... 9 days ago
  • You need to login to comment.