The Financial Services Commission (FSC) has announced that South Korea’s anti-money laundering safeguards for cryptocurrency businesses will come into effect on 25 March 2021.
The announcement follows the approval of the cabinet officials of a series of amendments. Korea's National Assembly voted in favour of the update on 5 March 2021. Cabinet officials gave the law the green light on 17 March 2021.
Thus, registered Virtual Asset Service Providers (VASPs) must file suspicious transaction reports with the FSC, subject themselves to compliance inspections and verify their customers' identities beginning 25 March 2021.
Crypto companies engaging in custody, trading, sales, exchange, and digital wallet services have a six-month grace period to register with the FSC before facing potential sanctions for non-compliance beginning in late September 2021, FSC said.
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