South Korea plans to exchange non-residents' crypto transaction data internationally on local exchanges such as Upbit and Bithumb.

South Korea plans to exchange non-residents' crypto transaction data internationally on local exchanges such as Upbit and Bithumb.

South Korea plans international cooperation on crypto transparency

South Korea has announced that it will take a significant measure towards transparency in the cryptocurrency space. Country-owned exchanges such as Upbit and Bithumb will share data on non-resident crypto transactions with countries worldwide. This initiative aims to strengthen financial market integrity and promote international cryptocurrency exchanges.

The measure comes in the context of growing global efforts to develop uniform standards and regulations in the crypto sector. By exchanging transaction data, South Korea wants to counteract potential legal problems and money laundering activities at an early stage.

Cooperation with other countries could not only increase trust in South Korean crypto exchanges, but also lay the foundation for a more stable and secure trading environment. The ability to track and implement international standards could also increase South Korea's attractiveness as a crypto trading hub.

With this strategy, South Korea is positioning itself as a pioneer in crypto regulation and demonstrating its commitment to the responsible use of digital currencies. The coming months will be crucial to see how this initiative is received by international partners and users in South Korea.