- South Korea now requires foreign crypto exchanges to comply with AML.
- The rule applies to all crypto exchanges offering Korean-won trading pairs.
- Also, foreign exchanges need to comply with real-name account trading.
South Korean Regulator says AML compliance is mandatory for foreign crypto exchanges offering services in the country’s KRW currency.
Specifically, South Korea’s Financial Services Commission (FSC) president Eun Sung-soo stated that the requirement to comply with the South Korean Anti-Money Laundering standards now extends to foreign crypto exchanges.
In addition, the foreign exchanges must also comply with real-name account trading and work with banks. At the time of writing, only four exchanges operating in South Korea have complied with real name trading. This is because most banks have been reluctant to work with crypto exchanges citing security fears as their top concern.
Notably, Eun made the clarification while…
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