South Korea is another country that is responding to the growing interest in cryptocurrencies through closer control of cryptocurrency service operators.
According to the Korean daily, the tax authorities of South Korea have recently adopted a new law that obliges all crypto exchange operators to report to the relevant FIU authorities from today.
The law also makes it clear that if virtual asset traders want to continue their business, they must obtain an ISMS certification, which also serves, for example, to prevent various types of hacking.
Currently, 20 out of 60 exchanges have this certificate, but the more surprising fact is that of these 20, only four (Bithumb, Upbit, Coinone, Korbit) require real-name verification of the client when withdrawing and depositing.
The FIU review period thus starts today with an approximate duration of 3 months and an end date of 24 September.