South Korea May Shut Down All Crypto Exchanges By CoinQuora

South Korea May Shut Down All Crypto Exchanges
  • Chair of Financial Services Commission shared that all crypto exchanges may close.
  • No registrations completed in line with new regulatory laws.
  • There are an estimated 200 crypto exchanges which could be affected.

South Korea’s top financial regulator has suggested that all crypto exchanges in the country could be shut down by this fall, following non-compliance with new laws.

Eun Sung-soo, as chair of the Financial Services Commission, broke the news on April 22. He shared this remark in a meeting of the National Assembly’s policy committee. He noted that the agency had not received any Virtual Assets Service Provider (VASP) applications yet.

The agency has asked for the registration in line with a recently amended law, going into effect later this year. Notably, South Korea has been tightening its cryptocurrency rules recently.

In his statement, Eun added, “There are an estimated 200 cryptocurrency exchanges in the country, but if th…

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