South Korean financial regulators tighten real-name account rules for cryptocurrency exchanges

ChainCatcher news, according to South Korean financial authorities, the Financial Services Commission (FSC) will propose amendments to the enforcement decree and notification of the Act on Reporting and Using Specified Financial Transaction Information by the end of this month at the earliest, and by early next month at the latest, which includes the standards for banks to issue real-name accounts.

The amendments include standards for banks to assess the money laundering risks of virtual asset operators and whether virtual asset operators comply with laws and regulations. In addition, virtual asset operators must also comply with the Virtual Asset User Protection Act, which will take effect in July.