Search Coins

NFT Collection The Superlative Secret Society Price, Stats, and Review

cryptodaily.co.ukin 2 years
-2

Husky Inu (HINU) Registers Latest Price Jump, Rises To $0.00018363

cryptodaily.co.uk3 minutes ago
0

Robinhood Rolls Out Micro Futures for XRP and Solana

coindoo.com7 minutes ago
0

Dow Jones up 500 points as trade and Fed optimism sweeps the market

crypto.news8 minutes ago
0

Aptos hits milestone as RWA on-chain breaks $540m

crypto.news18 minutes ago
0

Donald Trump Says US Has Created A ‘Powerful’ Crypto Industry

coingape.com36 minutes ago
0

Coinbase’s Brian Armstrong Bets on Bitcoin with Ongoing Weekly Buys

coindoo.com37 minutes ago
0

BlockDAG Raises $324M & Sells 23.3B Coins; Is This the Best Crypto to Buy Before It Lists?

coindoo.com37 minutes ago
0

The Smartest Move in Crypto? BlockDAG’s $0.0030 Price Could Deliver a 1500% ROI!

www.livebitcoinnews.com37 minutes ago
0

Bitcoin Dominance Holds Altcoin Season At Bay, Analyst Says No Upside Until This Happens

www.newsbtc.com38 minutes ago
0

Bull Market Strategy: Which Coins Could Become Top Gainers This Week

cryptodaily.co.uk38 minutes ago
0

SEI, XRP are surging but BlockDAG’s 100M airdrop lets users earn big

crypto.news38 minutes ago
0

Asian Crime Syndicates Tap Chase, Bank of America, Wells Fargo and Other Lenders To Launder Billions Siphoned in Pig Butchering Scams: Report

dailyhodl.com42 minutes ago
0

World Liberty Financial scales USD1 adoption on BNB in Re7 Labs tie-up

crypto.newsan hour ago
0

Top 5 Crypto PR Agencies for Market Dominance in 2025

cryptodaily.co.ukan hour ago
0

Newly Listed Canadian Company Turns to Bitcoin to Power Liquidity Strategy

coindoo.coman hour ago
0

BNB Price Eyes an 8% Surge Amid DEX Dominance and Stablecoin Growth

coingape.coman hour ago
0

Bitcoin (BTC) Set to Mirror U.S. Stock Market with Record All-Time High

cryptodaily.co.ukan hour ago
0

Trump’s World Liberty Financial Taps Re7 Capital To Scale USD1 On BNB

coingape.coman hour ago
0

All You Need To Know About Karel Vuong, The Co-Founder of Treasure

usethebitcoin.coman hour ago
0

XRP Hit by Court Ruling, ETF Doubts, and Usage Decline

usethebitcoin.coman hour ago
0

Top 10 Crypto Sportsbook Platforms to Pick in July 2025 (Best Freebet Offers Included)

Extended 4-Month XRP Hold Could Lead to Strong Price Breakout

usethebitcoin.coman hour ago
0

PayPal CEO says stablecoins need a killer use case – Here’s where he sees it first

ambcrypto.com2 hours ago
0

Crypto Trader Quietly Turns $6.8K Into $1.5M – Here is How

coindoo.com2 hours ago
0

South Korean Committee Passes Bill Enforcing FATF Crypto Rules

Nov 27, 2019 6:20 AM +00:00
0

South Korea’s national policy committee has passed an amendment establishing a legal framework for cryptocurrencies. It requires crypto exchanges and service providers to register with the country’s financial regulator and comply with the recommendations set by the Financial Action Task Force.


Also read: IRS Dispels Crypto Tax Confusion


Committee Passes Bill

On Tuesday, the South Korean National Assembly’s national policy committee passed an amendment to the Act on Reporting and Using Specified Financial Transaction Information, local media reported. Joongang Daily described on Wednesday that the bill “will establish a legal foundation for virtual currencies by categorizing them as digital assets,” adding that “Cryptocurrency is one step closer to being legitimate in Korea.”


The country’s top financial regulator, the Financial Services Commission (FSC), explained that the legislative move will enhance the transparency of crypto transactions while fulfilling international standards.



The FSC emphasized that it plans to actively prepare the enforcement decree and relevant notices after promulgation for the implementation of the proposed rules. The regulator will also gather industry comments as part of the preparation process. The bill still needs to be passed by the judiciary committee and on the main floor of the National Assembly, the news outlet clarified, adding that if passed it will go into effect one year later.


Requirements and Obligations

The bill imposes anti-money laundering obligations on cryptocurrency exchanges and service providers. While there are several crypto-related bills pending at the National Assembly, Hankyung publication noted that this bill is the closest to the recommendations issued by the Financial Action Task Force (FATF), an intergovernmental organization founded to develop policies to combat money laundering. The FATF issued new guidelines for crypto assets and related service providers in June. At the G20 leaders’ summit in Japan, all of the G20 countries, including South Korea, declared their commitment to applying the FATF crypto standards.


The FSC explained on Wednesday that the bill requires crypto businesses to prevent money laundering and set ground rules for financial transactions, Joongang Daily also reported. “Under the new bill, all cryptocurrency-related businesses will be required to report to and register as digital asset businesses with the FSC’s Financial Intelligence Unit (FIU).” Previously, the FIU indirectly regulated cryptocurrency exchanges through administrative guidance to banks. Hankyung elaborated:


Violation of these reporting obligations can result in imprisonment of up to five years or fines of up to 50 million won [$42,517].



Joongang Daily additionally detailed that “Those failing to report, those failing to acquire an Information Security Management System (ISMS) certificate from state-owned Korea Internet and Security Agency (KISA), and those operating false-identity bank accounts will not be approved.”


The South Korean government established the real-name system back in January last year. However, it is currently only used by the country’s top crypto exchanges: Bithumb, Upbit, Coinone, and Korbit. Banks have been reluctant to provide this service to other exchanges; they cited money laundering risk as the reason for denying service to smaller operators. The parliament and the FSC have agreed to set conditions for exchanges to use the real-name system. Furthermore, the news outlet conveyed on Wednesday:


The businesses will be penalized if they fail to establish their own oversight systems meeting Financial Action Task Force (FATF) standards.


What do you think of South Korea passing this bill to regulate the crypto industry in line with FATF’s recommendations? Let us know in the comments section below.




Images courtesy of Shutterstock.




Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.



























The post South Korean Committee Passes Bill Enforcing FATF Crypto Rules appeared first on Bitcoin News.

Share This Article


Get the most out of CoinFi News!

Save coins into your Watchlist and be the first to know about the latest market moving news.