South Korea launched new regulations of cryptocurrency

[holywater]

https://n.news.naver.com/article/016/0001890374(Korean)

Now all cryptocurrency exchange needs to be registered on Korean government for serving Korean customers.
(So binance, crypto.com etc stopped supporting Korean language.)

You can send cryptocurrency to only "registered" exchange and also you can receive cryptocurrency from "registered" exchange.
(So all wallets are linked to a person passed KYC, and government can trace money.)

For me from now on there is no reason to use Korean cryptocurrency exchange.

I really hope other countries won't do same.

 

[khinkali]

I really hope other countries won't do same.

South Korea has been more extreme so far due to unofficial foreign exchange controls, but this is a direction in many jurisdictions. FAFT and OECD are pushing VASP regulations, travel rule, AEOI.

UK and EU are moving towards 1000 GBP and EUR reporting thresholds. Reporting requirements have been bodged into a US infrastructure bill. There are proposals for the IRS to get reports on just $600 worth of gross inflows or outflows. High tax countries aren't keen on financial privacy.