South Korea obliges foreign exchanges to register with the regulator – Bits Media

Foreign cryptocurrency exchanges, serving South Korean citizens, must register with the regulator before 24 september. Otherwise, access to the sites will be blocked.

According to the Yonhap News publication, Korea Financial Intelligence Unit (KFIU) insists on that, to make foreign cryptocurrency exchanges, serving South Korean citizens, registered with the regulator in accordance with the new laws of the country to combat money laundering.

To 24 September all cryptocurrency exchanges, Steaming steam with a South Korean volume, should seek registration at KFIU. Financial services commission (FSC) stated, that KFIU directed the corresponding notification 27 foreign sites.

New rules also require, so that the exchanges have a certificate of information security from the Government of South Korea. Until now, no foreign exchange has received such a certificate. Exchange, which are not registered in KFIU, must stop working in the country with 25 september.

“If they continue to work without registration, Exchange owners can be sentenced to imprisonment for up to five years or to the maximum fine in the amount 50 Milln ($43 455)», - says in the statement of the regulator.

New regulation is valid for local cryptocurrency exchanges. According to the new rules, who entered into force in March with a six -month preferential period, Banks will evaluate the transparency of the cryptocurrency exchange, Business risks and risks of illegal operations on the site.

In April, the regulators of South Korea said, that they plan to strengthen the fight against illegal operations in crypto actes against the background of the continuing paper of cryptocurrency markets. In May, the Government of South Korea and the country's police said, what is working on improving the monitoring system of phishing websites, aimed at stealing users' cryptoassets.