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South Korea Passes Law To Establish A Permit System For Cryptocurrency Exchanges
Summary: On Thursday, South Korea’s National Assembly passed a revised bill on the reporting and use of special financial transaction information, primarily concentrated on establishing a permit system for cryptocurrency exchanges. virtual asset operators such as cryptocurrency exchanges will be forced to report their operations to the Financial Intelligence Unit (FIU) under the Financial Services Commission after acquiring ...
On Thursday, South Korea’s National Assembly passed a revised bill on the reporting and use of special financial transaction information, primarily concentrated on establishing a permit system for cryptocurrency exchanges.
virtual asset operators such as cryptocurrency exchanges will be forced to report their operations to the Financial Intelligence Unit (FIU) under the Financial Services Commission after acquiring "real name-confirmed accounts" from commercial banks. If they fail to report operations it may result in up to five years in prison or 50 million won ($42,000) in fines.
By Janelle Fox
Tags: Cryptocurrency Exchange,FIU,Permit System,South Korea
Link: South Korea Passes Law To Establish A Permit System For Cryptocurrency Exchanges [Copy]
