South Korea Cracks Down on Crypto Exchanges by Tightening Regulations
South Korea has unveiled stringent measures to tighten oversight and combat illicit activities in the cryptocurrency sector.
The country’s Financial Intelligence Unit (FIU) recently disclosed its ‘2024 Work Plan,’ emphasizing the need for robust supervision of virtual asset exchanges.
Key initiatives include a preemptive transaction suspension system to swiftly address suspicious transactions and the expansion of reporting requirements to cover major shareholders and individuals with regulatory violations history.
These moves align with international best practices, including the adoption of Financial Action Task Force (FATF) guidelines.
The regulatory efforts coincide with South Korea’s plans to introduce strict legislation governing digital assets, aiming to curb market manipulation and illegal trading practices.
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Penalties for non-compliance range from fines to potential life imprisonment, underscoring the seriousness of adherence within the cryptocurrency ecosystem.
As South Korea takes proactive steps to regulate virtual assets, stakeholders are urged to prioritize compliance to ensure market integrity and security.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
