South Korea’s Financial Services commission has announced plans to change how it regulates the country’s cryptocurrency exchanges.
The plans are that the regulator will go in and directly regulate them instead of doing it indirectly through administrative guidance like it is now, according to Business Korea. Moreover, the newspaper also revealed that the regulator will boost transparency in the sector by issuing a licensing system for cryptocurrencies.
Speaking with an official at the authority’s Financial Intelligence Unit, Business Korea said that the changes are pending on governmental approval. Once accepted by the government, the new rules will make it more difficult to use cryptocurrency exchanges to launder money.
South Korea is not alone in beefing up its rules around crypto. For instance, Iran announced new regulations about the nation’s cryptocurrency exchanges in the beginning of August. These updated rules stipulated where having cryptocurreny mines would be allowed in the country.
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