South Korea Unveils New Crypto RegulationsSouth Korea Unveils New Crypto Regulations
By Sheevika Senanayake - June 28, 2018

The South Korean financial regulator, the Financial Services Commission (FSC) has unveiled its regulatory framework for cryptocurrency. The new regulations enact strict on know-your-customer (KYC) and anti-money laundering (AML) policies for exchanges, that must now conduct Customer Due Diligence and Enhanced Due Diligence checks on customers. Apart from noting suspicious transactions, the FSC is cracking down on criminals and foreigners using local crypto exchanges. With the new regulations in place, the cryptocurrency industry is now a legitimate concnern is South Korea.