After many debates South Korea finally fully legalized cryptocurrencies on its territory by passing a new legislation that requires all crypto exchanges to get a license from the local financial regulator - the Financial Services Commission (FSC) of South Korea and the Korea Internet & Security Agency (KISA).
The new legislation is called the Special Financial Information Law and according to it all such companies are required to follow the anti- money laundering (AML) and counter- terror financing (CTF) provisions recommended by the the Financial Action Task Force (FATF).
Right now there are only six exchanges in the country that are registered with the Korea Internet & Security Agency, namely pBit, Bithumb, Coinone, Korbit, Gopax, and Hanbitco.
I have little doubt that many others will file for licenses now.
The new legislation is called the Special Financial Information Law and according to it all such companies are required to follow the anti- money laundering (AML) and counter- terror financing (CTF) provisions recommended by the the Financial Action Task Force (FATF).
Right now there are only six exchanges in the country that are registered with the Korea Internet & Security Agency, namely pBit, Bithumb, Coinone, Korbit, Gopax, and Hanbitco.
I have little doubt that many others will file for licenses now.
