The legislation, an amendment to Korea’s existing Financial Information Act, bolsters South Korea’s anti-money-laundering (AML) and counter-terrorism financing (CFT) framework for virtual asset service providers (VASPs), as reported by CoinDesk Korea.
The act requires all VASPs to register with regulators and partner with a single bank for deposits and withdrawals. Furthermore, virtual wallets need to relate to real-world bank accounts, both of which must be registered to a user’s actual name, to enable regulators to track the movement of illicit funds.
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