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Korean Government Approves Crypto AML Rule Set to Come Online Thursday
Crypto companies have until September to register with financial regulators.
South Korea's anti-money laundering safeguards for cryptocurrency businesses will come into effect Thursday after cabinet officials approved a series of amendments last week, according to the Financial Services Commission (FSC).
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- Registered Virtual Asset Service Providers (VASPs) must file suspicious transaction reports with the FSC, subject themselves to compliance inspections and verify their customers' identities beginning March 25.
- Crypto firms engaging in custody, trading, sales, exchange and digital wallet services have a six-month grace period to register with the FSC before facing potential sanctions for non-compliance beginning in late September, FSC said.
- FSC first called for crypto-focused updates to the country's AML framework in November 2020 in an attempt to get on track with the Financial Action Task Force's crypto oversight regime.
- South Korea's National Assembly voted in favor of the update on March 5. Cabinet officials gave the law the green light on March 17.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
