Senior officials in South Korea have approved measures that will introduce a raft of new anti-money laundering provisions for digital currency companies.
The Financial Services Commission has brought forward a new structure of penalties for exchanges that fail to properly implement anti-money laundering measures.
Digital currency service providers in South Korea will no longer be able to support digital assets that present high money laundering risks—notably privacy-centric dark coins—starting March 2021.
The 15-page document sets out how the new licensing structure would allow for fully-regulated trading of security tokens in the country.
Cryptocurrency executives in South Korea that fail to register their exchanges with the country’s regulator could soon be facing time behind bars.
The financial regulator of Mauritius has issued a fresh warning to investors, highlighting concerns over two alleged crypto Ponzi schemes in the country.
The new proposals announced Wednesday clarifies the Financial Services Commission’s regulatory position for cryptocurrency exchanges in South Korea.
A total of 105 companies had applied to take part in the program since its launch in January 2018, according to South Korea’s Financial Services Commission.
The South Korean government will have an official position on initial coin offerings (ICOs) by November.
The Financial Services Commission has detailed new requirements for account monitoring by South Korean banks.
Employees at three cryptocurrency exchanges in South Korea have been taken into police custody for alleged embezzlement of their clients’ funds.