South Korea’s New Penalty System For Crypto Service Providers Launches

[e_abrams]

South Korea’s financial regulator, the Financial Services Commission (FSC), has integrated a new penalty system aimed at cryptocurrency providers. The regulator will use these new powers to impose significant penalties on the crypto exchanges in the country when they don’t report suspicious activities on their platform.

The FSC requires all South Korean crypto exchanges to keep a separate and scrupulous record of all transactions that occur between them and their customers. What is more, all exchanges are supposed to verify their clients’ identities.

If any financial institutions  and virtual asset service providers violate data maintenance procedures and internal protocol duties then they will receive hefty penalties by the regulator.

Source:https://theforexreview.com/2021/03/11/south-koreas-new-crypto-service-provide-penalty-project-launches/

Considering South Korea's rather warm welcome of cryptos, it makes sense that they would also want to have a robust regulatory framework to make crypto companies safe for investors.

[fossyfan]

Eveeyone will have to verify soon everywhere

[e_abrams]

Won't that make the industry safer?

[U4ik0ne]

This completely ruins the point of a decentralized financial platform.

[e_abrams]

It'd be interesting to see who will come out on top.

[e_abrams]

An update on the crypto regulation in South Korea - officials in South Korea have put their footdown, and have proclaimed that they will aim to eradicate all illegal cryptocurrency transactions in the nation. The countries official gathered this week in a meeting where they discussed crypto volatility and the usage of digital coins in money laundering - https://theforexreview.com/2021/04/19/new-crypto-regulation-to-launch-in-south-korea/