South Korea: FSC Guidelines has been extended till the end of the year

Cryptocurrency Assets Use For Cryptocurrency Exchange Guidelines from South Korea’s Financial Services Commission (FSC)  has been extended till the end of the year.

Guidelines to halt the Anti Money Laundering activities in Korea have existed for a long time.

But the Korean government wants to change their AML guidelines into more impactful law. 

The existing law of Korian government was valid till july 2021. But it seems that Korean government is not ready with their updated rules of Anti Money Laundering.

So for now they extended the old AML law till December 2021, That means the existing law is valid for this whole year 2021.

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FIU Guidelines For Crypto Exchanges

According to a particular financial Act. All the financial companies are restricted from giving details of the suspicious transactions to the Financial Intelligence Unit ( FIU).

Related: Click here to know about the official guidlines of FIU In detail

If in any situation a person is denied to verify their identity, that financial services/companies should reject that suspicious transaction.

Almost the same rule is also applicable for the Cryptocurrency Exchanges.

All the Cryptocurrency exchanges are bound in the FIU guidelines.

All Cryptocurrency exchanges are ordered to submit a report to the FIU by September of 2021.

The report that will be submitted by exchange will have real name verification of accounts.

There are many exchanges which are not following the guidelines of FIU. 

Earlier most of the exchanges were not verifying the user name, but now they have to verify the user and that user’s name which is issued by banks.

So after the guidelines for real name verification, most of the Crypto Exchanges are following the rule and allowing only Real-name verified users to do trade.

In the present time, only those users can avail the deposit and withdrawal service of the exchange, who have real name verified accounts.

So here we can expect that Korean government will allow crypto with strict rules, so that people can buy and sell crypto assets without going through any unfair activities.