South Korea is looking forward to tightening the existing cryptocurrency regulations in the country with new rules for banks and crypto exchange operators. The Financial Services Commission (FSC) of South Korea has announced new rules that are expected to take effect around 60 unauthorized crypto exchanges in the country.
As per the data revealed, only exchanges based in South Korea have set up accounts with real names that have been signaled green by the banks.
In addition to this, it should be noted that the capability of the cryptocurrency exchanges will be coming to a close in the month of September, with the deadline of the FSC for exchanges to submit requests for an operating license by September 24.
The Korea Federation of Banks along with several commercial lenders have appeared to the Financial Services Commission of South Korea regarding the reduction of their liabilities for financial crimes on crypto exchanges.
The reporters were told by an industry official that:
Along with the banks, small and mid-size exchanges based in South Korea have been expressing their concerns at a meeting with the financial regulators.