From March 25, South Korean companies related to digital assets are required to comply with anti-theft requirements.money laundering, according to the website of the Financial Services Commission (FSC).
The Cabinet of Ministers supported amendments to the Law on the provision and use of information on certain financial transactions aimed at the field of cryptocurrencies.
Now virtual asset service providers(VASP) are required to register before starting their commercial activities. A grace period has been allocated for existing companies - they can submit documents until September 24.
Service providers are required to inform FSC aboutsuspicious transactions, verify the identity of customers, as well as undergo checks for compliance with AML standards. Companies face fines for violating the requirements.
Recall that in March, the South Korean parliament approved the full legalization of cryptocurrency trading.
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