South Korea launched new regulations of cryptocurrency

[holywater]

특금법 첫 적용 업비트…가상자산거래 뭐가 달라지나

[헤럴드경제=홍승희·박자연 기자] 바뀐 특정금융거래정보법(특금법) 시행이 하루 앞으로 다가왔다. 특금법에 따라 신고 수리를 마친 업비트는 이제 ‘금융회사’가 됐다. 자금세탁방지(AML)와 고객 인제도(KYC)의 의무

n.news.naver.com

(Korean)

Now all cryptocurrency exchange needs to be registered on Korean government for serving Korean customers.
(So binance, crypto.com etc stopped supporting Korean language.)

You can send cryptocurrency to only "registered" exchange and also you can receive cryptocurrency from "registered" exchange.
(So all wallets are linked to a person passed KYC, and government can trace money.)

For me from now on there is no reason to use Korean cryptocurrency exchange.

I really hope other countries won't do same.

 

[khinkali]

I really hope other countries won't do same.

South Korea has been more extreme so far due to unofficial foreign exchange controls, but this is a direction in many jurisdictions. FAFT and OECD are pushing VASP regulations, travel rule, AEOI.

UK and EU are moving towards 1000 GBP and EUR reporting thresholds. Reporting requirements have been bodged into a US infrastructure bill. There are proposals for the IRS to get reports on just $600 worth of gross inflows or outflows. High tax countries aren't keen on financial privacy.