South Korean Financial Regulator Confirms Privacy Coin Delistings
WikiBit
|
1614059543000
South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings.
No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset
According to Electronic Times, the Financial Services Commissions Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges.
The watchdog argued that difficulties in determining transaction details carry a high risk of money laundering through such cryptocurrencies.
Although the FIU just confirmed it, the local press first reported the measure in November 2020. The FIU pledged to ban privacy coins such as monero (XMR) and zcash (ZEC).
South Korean platforms such as Okex have since been forced to delist several privacy coins to align with the anti-money laundering (AML) rules.
However, as of press time, no major South Korean crypto exchanges have any privacy-centric cryptos listed. The Financial Intelligence Unit is the regulatory body responsible for dealing with AML matters.
Reporting ‘Unusual’ Transactions Within Three Working Days
Also, per Yonhap Times, the unit will ask domestic exchanges to flag and report any unusual transactions on their platforms “within three working days.” According to the FIU guidelines, the reports should specify the transactions values in fiat Korean won (KRW).
The regulatory body expects policy exchanges through a protection management system, which will gather information such as banking data and social security numbers. In fact, the unit wants that banks are also responsible for making exchanges compliant with AML rules.
The South Korean crypto bill will become effective in March 2021, after clearing a series of delays and discussions on who should oversee all the crypto industry from a legal perspective.
Also, the coronavirus pandemic halted discussions, as other bills were granted a significant priority on the pipeline.
Article involves exchange
-
ThoreExchange
Score2.38
2-5 years | Suspicious Regulatory License | Medium potential risk
About More
No Regulatory -
OKEX
Score9.42
5-10 years | Digital Currency License | MTL License | Common Financial Service License
About More
Regulated -
ONECHAIN
Score2.77
2-5 years | Suspicious Regulatory License | Medium potential risk
About More
No Regulatory
Read more
Independent Local Stablecoin Booming in South Korea’s Buyeo
The circulation of a local stablecoin operated by South Korea’s Buyeo County has exceeded the USD 93m mark as the county looks to expand the use of its token.
South Korea to launch blockchain-based vaccine passports
The Prime Minister of South Korea has announced a blockchain-based vaccine certificate will launch later this month, but the concept has proven controversial across the world.
Study Finds South Koreans Aged 20-39 Mainly Invest up to $100 in Cryptocurrencies
South Korea’s “crypto boom” is a term that the local media has widely adopted to refer to the current hype seen across the Asian nation. In fact, a recent study unveiled a rising trend in the number of South Koreans making small-scale crypto investments.
South Korea's 'Kimchi premium' is back: Is the Bitcoin rally starting to heat up?
Demand for Bitcoin in South Korea is heating up as the country's BTC premium rises over 5%.
Latest News
-
Bitcoin traders eye ‘crucial’ $38K level as BTC price action consolidates higher
WikiBit
1623493761000
-
The Netherlands Must Now Ban Bitcoin: Dutch Central Planning Bureau Chief
WikiBit
1623398681000
-
Pelabur Kembali Minat Dengan Dana Kripto Tetapi Bukan Bitcoin!
WikiBit
1623396986000
-
Will Digital Money Market Collapse?
WikiBit
1623396362000
-
Crypto Exchange Kraken Disables Margin Trading for Some U.S. Residents
WikiBit
1623393497000
-
Bitcoin Mining Farms in El Salvador to Utilize Clean, Cheap, Renewable Volcanic Energy, President Bu
WikiBit
1623392929000
-
Privacy-focused platform says it solves burning issues in blockchain and DeFi space
WikiBit
1623390878000
-
Polis Diraja Malaysia Rampas 255 Mesin Bitcoin Haram
WikiBit
1623386894000
-
Ronaldinho menyertai KISHU sebagai duta jenama
WikiBit
1623385045000
-
IMF Concerned About El Salavador’s Bitcoin Law Due To “Legal And Economic Issues”
WikiBit
1623380779000
