South Korea regulates crypto trading

[mlawson71]

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.
Source

More exchanges will likely file for licenses soon, if they survive the cryptocurrencies crash caused by the health crisis.

 

[likethat]

South Korea was into crypto for a long time, from what I remember Seoul had some test areas with only cryptocurrencies. They are way of head.

 

[mlawson71]

Them and Japan. Who knows when the rest of the world will follow, especially in the current circumstances.

 

[jmd1982]

I believe crypto is the future and country's can only fight it for so long before having to give in and now come up with laws to govern it.

 

[mlawson71]

Korea is certainly not fighting cryptos, they are embracing them by the looks of it. Others will probably do so too.