The applications will be processed within three months, following which approved exchanges will be subject to AML rules announced in March.
September 26, 2021Five crypto exchanges and one wallet provider have so far submitted their registration documents. Only Upbit has been formally approved by the FSC.
September 24, 2021Nearly 40 exchanges are set to suspend all services, while 28 have ISMS certification and can continue trading without the Korean won.
September 21, 2021The closure of almost 40 of Korea’s crypto exchanges would eliminate 42 so-called Kimchi coins and potentially result in $2.6bn in investor losses.
September 17, 2021Bithumb, Coinone, and Korbit will likely meet the 24 September deadline. Korean police are preparing for illegal incidents from exchanges that are forced to close.
September 13, 2021Bithumb, Coinone and Korbit have established a joint venture that will be used to develop systems to meet the travel rule requirement by March 2022.
September 2, 2021Upbit has a partnership with K-bank for real-name verification. One or two more exchanges are expected to register by end-August.
August 24, 2021Cryptocurrency exchanges based outside Korea would be required to register with KoFIU if they use the Korean won for settlement.
July 14, 2021The extension is primarily being allowed to ensure regulators can process applications received before the 24 September deadline.
June 21, 2021The meeting focused on the operational difficulties faced by firms as they try to meet new regulatory requirements by a 24 September deadline.
June 7, 2021