South Korea’s financial regulator, the Financial Services Commission (FSC), has integrated a new penalty system aimed at cryptocurrency providers. The regulator will use these new powers to impose significant penalties on the crypto exchanges in the country when they don’t report suspicious activities on their platform.
The FSC requires all South Korean crypto exchanges to keep a separate and scrupulous record of all transactions that occur between them and their customers. What is more, all exchanges are supposed to verify their clients’ identities.
If any financial institutions and virtual asset service providers violate data maintenance procedures and internal protocol duties then they will receive hefty penalties by the regulator.
Source
Korea has not only legalized cryptos, but it has embraced them as well, which, I think, makes proper regulation all the more necessary, which is what they are doing.
The FSC requires all South Korean crypto exchanges to keep a separate and scrupulous record of all transactions that occur between them and their customers. What is more, all exchanges are supposed to verify their clients’ identities.
If any financial institutions and virtual asset service providers violate data maintenance procedures and internal protocol duties then they will receive hefty penalties by the regulator.
Source
Korea has not only legalized cryptos, but it has embraced them as well, which, I think, makes proper regulation all the more necessary, which is what they are doing.
