Crypto exchanges in South Korea wants more time to get register

The regulators of South Korea gave limited time for the crypto services to get registered but crypto services needed more time.

Recently the regulators of South Korea said that they will bust all the crypto exchanges including crypto related companies which are operating their operations without any regulation framework. But many crypto services want more time.

Related: Korea Will Ban All Crypto Exchanges Which Are Running Without Permission

As the S. Korean regulators only give time till 24 September to get registered. So most of the crypto companies found that it will not be easy for them to complete all the documentation work in this limited time of interval. 

The Korea Fintech Association and People Power Party’s lawmakers held a meeting on 21 August regarding this matter. 

Crypto companies’ leaders claimed that existing laws of S.Korea are very strict and under these restrictions they can do all their documentation work within a one month time limit. And also they have no contracts with the banks. They have no place for any anti-money laundering protocols. So many things will remain pending. And it will be a bigger problem for mostly small crypto exchange companies.

Reportedly, the representatives Cho Myeong-hee and Rep. Chang-Hyun Yoon, already proposed a bill to extend the deadline and specialize the banking system that can help them to bring faster process for issuing real-name accounts on exchanges.

The Chairman of the Virtual Asset Business Association of the Korea Blockchain Business Promotion Association stated 

“It is physically impossible to issue a real-name account until September 24.”

Hyung-Joong also added that if these crypto exchanges do not get extended time to register and use proper real name banking accounts then surely many crypto services will get closed.

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