South Korea has introduced more regulations to increase oversight of the cryptocurrency industry and prevent illegal activities.
South Korea’s Financial Intelligence Unit (FIU) has introduced new rules to supervise cryptocurrency exchanges. One of the most critical of the new rules is “suspend operations” article was introduced in order to intervene quickly and effectively in possible suspicious transactions.
On the other hand, FIU demanded more reporting on transactions taking place in stock exchanges and stated that money laundering monitoring would be easier. In this way Financial Action Task Force (FATF) It was noted that he could act more in compliance with the rules.
South Korea, which carefully scrutinizes cryptocurrency laws, will receive information from the USA in the coming days for the spot Bitcoin ETF. Chairman of the South Korean Financial Supervisory Service (FSS) Lee Bok-hyeon and Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler will meet shortly and the spot Bitcoin ETF issue will be discussed.