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South Korean Financial Regulator Confirms Privacy Coins' Delisting — Adds New Guidelines to Report Unusual Transactions

South Korean Financial Regulator Confirms Privacy Coin Delistings- Adds New Guidelines to Report Unusual Transactions

South Korean monetary watchdogs are about to begin overseeing crypto-related actions within the nation, and extra boundaries for exchanges hold showing. Moreover, one of many South Korean regulatory our bodies codified the measures introduced final yr on privateness coin listings.

No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset

According to Electronic Times, the Financial Services Commission’s Financial Intelligence Unit (FIU) confirmed that every one privateness cash could be delisted from the home cryptocurrency exchanges.

The watchdog argued that difficulties in figuring out transaction particulars carry a excessive threat of cash laundering by means of such cryptocurrencies.

Although the FIU simply confirmed it, the native press first reported the measure in November 2020. The FIU pledged to ban privateness cash corresponding to monero (XMR) and zcash (ZEC).

South Korean platforms corresponding to Okex have since been pressured to delist a number of privateness cash to align with the anti-money laundering (AML) guidelines.

However, as of press time, no main South Korean crypto exchanges have any privacy-centric cryptos listed. The Financial Intelligence Unit is the regulatory physique liable for coping with AML issues.

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Reporting ‘Unusual’ Transactions Within Three Working Days

Also, per Yonhap Times, the unit will ask home exchanges to flag and report any uncommon transactions on their platforms “inside three working days.” According to the FIU tips, the studies ought to specify the transaction’s values in fiat Korean received (KRW).

The regulatory physique expects coverage exchanges by means of a safety administration system, which can collect data corresponding to banking knowledge and social safety numbers. In truth, the unit desires that banks are additionally liable for making exchanges compliant with AML guidelines.

The South Korean crypto invoice will grow to be efficient in March 2021, after clearing a sequence of delays and discussions on who ought to oversee all of the crypto business from a authorized perspective.

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Also, the coronavirus pandemic halted discussions, as different payments have been granted a big precedence on the pipeline.

What do you consider this information forward of the South Korean crypto invoice deadline? Let us know within the feedback part under.

EditorialTeam

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