Strict reporting rules for crypto businesses in South Korea are set to come into effect with existing firms given six months to comply or face stiff penalties.
South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country.
According to Korea JoongAng Daily, South Korea’s Financial Services Commission has amended its financial reporting rules to include the cryptocurrency sector.
This amendment mandates all crypto businesses — exchanges, asset managers, wallet providers, and custodial platforms — to file records of their transactions with the Financial Intelligence Unit.
The FIU is an arm of the FSC responsible for Anti-Money Laundering oversight across South Korea’s financial ecosystem.