South Korea’s Financial Watchdog Warns Foreign Exchanges Must Register in 2 Months

Gangnam, Seoul (CJ Nattanai/Shutterstock)

Foreign crypto exchanges that have customers in South Korea must register with the country’s financial watchdog in the next two months or face blocked access and possible criminal inquiries.

  • The Korea Financial Intelligence Unit (KFIU) is pushing for exchanges to register in line with the country’s new anti-money laundering laws, according to a report by Yonhap News on Thursday,
  • An updated Financial Transactions Reports Act requires all crypto exchanges to register with the country’s regulators by Sept. 24 and obtain a certificate on information security.
  • Yonhap cites officials of the Financial Services Commission who said that no foreign crypto exchanges had obtained a certificate so far, echoing previous statements from its chair in April.
  • South Korea has been pushing for tougher legislation against virtual asset service providers, including exchanges.
  • The country doesn’t recognize crypto as legal assets, even though it plans to start collecting tax generated by crypto revenue next year.

Related Stories

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Cryptocurrencies Videos


    CoinDesk is the leading digital media, events and information services company for the crypto asset and blockchain technology community. Its mandate is to inform, educate and connect the global community as the authoritative daily news provider dedicated to chronicling the space. Founded in May 2013, CoinDesk reaches millions interested in blockchain technology thru its website, social media, newsletters, podcasts and video. CoinDesk created the original reference rate known as the Bitcoin Price Index which is widely sourced in the media including The Wall Street Journal, Financial Times, CNBC and many others on a daily basis.

    Learn More