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Offline mlawson71Topic starter

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South Korea regulates crypto trading
« on: March 09, 2020, 02:28:50 PM »
 After many debates South Korea finally fully legalized cryptocurrencies on its territory by passing a new legislation that requires all crypto exchanges to get a license from the local financial regulator - the Financial Services Commission (FSC) of South Korea and the Korea Internet & Security Agency (KISA).
The new legislation is called the Special Financial Information Law and according to it all such companies are required to follow the anti- money laundering (AML) and counter- terror financing (CTF) provisions recommended by the the Financial Action Task Force (FATF).
Right now there are only six exchanges in the country that are registered with the Korea Internet & Security Agency, namely pBit, Bithumb, Coinone, Korbit, Gopax, and Hanbitco.

This is good news, I think. I don't doubt that more cryptocurrency exchanges will soon file for licenses and the industry will expand further.



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