South Korean regulators tell banks to open the books on cryptocurrency exchanges

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Monetary regulators in South Korea have requested banks to offer info on their dealings with cryptocurrency corporations, an area outlet reported on Wednesday, as authorities search to find out what number of cryptocurrency exchanges function throughout the nation’s borders.

An unnamed regulatory physique has requested that banks reveal the company accounts of cryptocurrency exchanges that haven’t already applied real-name accounts for its cryptocurrency clients. Solely the 4 largest exchanges in South Korea have to this point arrange real-name accounts, whereas the remainder have till now been working below the radar.

“At the moment, cryptocurrency exchanges can function with out permission from the federal government, which is why it’s troublesome to establish the precise variety of cryptocurrency exchanges. One approach to discover out is to trace company financial institution accounts that accumulate clients’ funds,” an nameless alternate official explained to The Korea Herald.

Estimates recommend there are between 100–200 cryptocurrency exchanges that stay exterior the purview of the federal government. Any companies which nonetheless haven’t registered their actions by Sept. 24 will likely be liable to fall foul of the revised Act on Reporting and Utilizing Specified Monetary Transaction Data, and will withstand 5 years in jail.

The revised legislation would require cryptocurrency exchanges to determine acceptable safety administration programs, kind clear partnerships with native banks, and lodge experiences with authorities authorities.