The Special Financial Information Law was passed on Thursday, March 5, after a delay. The law “requires crypto exchanges to comply with the Financial Action Task Force’s (FATF) guidelines on anti-money laundering (AML) and terrorist financing prevention. Exchanges will also need to receive approval from the Financial Services Commission (FSC) and the Korea Internet & Security Agency to operate in the country,” according to the article.
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S. Korean Regulation Viewed As Big Win for Crypto Legitimization
The National Assembly of South Korea’s legislation and judiciary committee passed a new law to tighten quality control of the cryptocurrency industry, specifically with respect to exchanges. It is being described as a substantial step toward legitimizing the currency. So reports Decrypt.
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