South Korea’s Financial Services Commission to Centralize Regulation of Cryptocurrency Exchanges

According to the latest news from Yonhap News Agency, South Korea’s Financial Services Commission announced that the validity of the Guidelines on Prevention of Anti-Money Laundering Related to Virtual Currencies, which was originally until July 9, will be extended until December 31 this year. It also requires financial companies to check whether their customers deal with cryptocurrencies, and if so, classify them as high-risk customers such as money launderers, and strengthen customer identification and financial transaction monitoring, etc. Timely catching suspicious transactions such as large transfers, cracking down on disguised accounts, etc. Some other commercial banks and UnionPay have joined or are planning to join the working group (TF) related to virtual currency exchanges (virtual asset operators) organized by the Financial Services Commission and related departments, which will jointly focus on regulating cryptocurrency exchanges.