10 Crypto Exchanges file for registration with Korean supervisory authorities before the expiry of the deadline-Exchanges

cryptocurrency exchanges in South Korea have time to register with the tax authorities until Friday midnight in order to continue working legally. Only 10 trading platforms for digital assets have already submitted their documents to the Korean authority to combat money laundering.

compliance period for new Korean crypto regulations runs on Friday

Registration with the Korean Financial Intelligence Unit (FIU) is an important prerequisite for local and foreign crypto exchanges that provide Korean investors as part of the stricter new regulations that come into force after September 24th. A total of 10 of dozens of Coin trading platforms have so far have applications from the FIU, the anti-money laundering department of the Financial Services Commission ( fsc ). The group includes upbit, bithumb, coinone, basket and flybit, reported Yonhap and quoted the body on Friday.

South Korea's revised special fund law that introduces the stricter rules, came into force on March 25 and will now come into force after a six -month grace period. According to their provisions, digital asset exchanges must also receive a certificate for the information security management system (ISMS) from the Korea Internet and Security Agency. Financial officers announced that up to this point 28 out of 66 stock exchanges had acquired the certificate.

cryptocurrency exchanges are also obliged to work together with domestic banks real name bank accounts. If you do not do this, you cannot offer a commercial pair with Korean Fiat currency. Only the top 4 platforms-Bithumb, Upbit, Coinone and Korbit- secured real names are handled with commercial banks because the financial institutions fear that they are exposed to crypto -related risks such as money laundering.

medium-sized stock exchanges such as flybit, coredax and foblgate expose Korean won pairs, the report says. While the exact sales on these and smaller platforms are difficult to estimate, the market observer quoted by the Korea Heralda stated that they make up between 5 and 7 % of the total amount of the cryptocurrencies traded on the Korean market. In view of the upcoming regulations, some stock exchanges also determined certain coins with high Risk.

as Bitcoin.com News Almost 60 crypto biases are expected to be at the beginning of this week Or hire some of your services for Korean investors. At that time, only Korea's largest crypto trading platform Upbit was licensed for the implementation of business in the country after the Financial Intelligence Unit accepted and checked the report submitted by its operator Dunamu Inc.

cryptocurrency exchanges, which until the end of the day do not submit the necessary documents such as a written intention to do business, must be concluded, the national public broadcaster KBS reported, citing FSC. Operators who do not adhere to the new rules, but continue their activities without a license, threaten up to five years in prison or fines of up to $ 50 million (over $ 42,000).

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