The amended Act on Reporting and Using Specified Financial Transaction Information requires cryptocurrency exchanges to obtain Information Security Management System (ISMS) certification by Sept. 24 and report to the Financial Intelligence Unit (FIU), a division of the Financial Services Commission (FSC). Crypto exchanges that fail to do so must cease operations by Sept. 24.
Cryptocurrency exchanges must receive Information Security Management System (ISMS) certification by Sept. 24 and report to the Financial Intelligence Unit (FIU), a subsidiary of the Financial Services Commission, under the modified Act on Reporting and Using Specified Financial Transaction Information (FSC). Crypto exchanges that do not comply must shut down by September 24.
It is unlikely that there will be additional certified virtual asset trading platforms.
Gopax, Upbit, Korbit, Coinone, Bithumb, Hanbitco, Casherest, Tennten, Dove Wallet, Flybit, Gdak, Aprobit, Huobi, Coin&coin, Probit, Borabit, Coredax, and Okbit are among the 28 exchanges that have received ISMS certification.
Crypto exchanges must, however, connect with banks to offer consumers real-name verification deposit/withdrawal accounts in order to enable trading in Korean won (KRW).
Only Upbit, Bithumb, Coinone, and Korbit, the country's top four crypto exchanges, have been able to gain partnerships with banks, which have been hesitant to collaborate with crypto exchanges due to issues such as money laundering.
Even if they have gotten ISMS certification, crypto firms that do not have banking partners that can provide real-name verification deposit/withdrawal accounts must stop trading in the KRW market. This means that 24 of the 28 exchanges will be cryptocurrency-only.
The bitcoin industry has also received company closure recommendations from South Korean financial authorities. At least seven days before the planned closing date, exchanges must advise users of the expected closing date and how they can withdraw their cash. They must also allow consumers to withdraw their monies within a 30-day window following the closing date. Korean authorities are also apparently keeping an eye on crypto exchanges that are about to close in order to ensure that consumers' monies are returned.
Posted Using LeoFinance Beta
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