Express
New Regulatory Rulings May Force South Korean Crypto Exchanges to Close
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
Tags: Crypto,Regulation,South Korean
Link: New Regulatory Rulings May Force South Korean Crypto Exchanges to Close [Copy]
