South Korea: New Cryptocurrency Rules In Effect From March 25

Businesses dealing with virtual assets including cryptocurrencies must report their transactions to a government body and abide by anti-money laundering requirements, the Financial Services Commission (FSC) of South Korea announced on March 16.

An amendment to Reporting and Using Specified Financial Transaction Information will be effective from March 25.

The amendment mandates all businesses dealing with the exchange, storage and management of virtual assets to report their business to the Korea Financial Intelligence Unit, an FSC body responsible for implementing anti-money laundering practices in Korea.