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South Korea to Fine Crypto Exchanges That Fail to Tackle Illicit Activity
Penalties will apply if trading venues fail to follow three regulations, the Financial Services Commission said.
South Korea’s Financial Services Commission (FSC) said Wednesday it will issue financial penalties to exchanges that fail to follow rules designed to curb illicit cryptocurrency activity.
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- In an announcement, the regulator said it will fine exchanges that fail to follow three regulations covering internal controls, information and data retention, and identity verification of virtual asset traders.
- Exchange operators are must retain information and data connected to any suspicious transactions, including those made using large amounts of fiat currency, as first reported by Korea JoongAng Daily.
- Fines for breaches range from 30 million to 100 million won (roughly $26,000–$88,000).
- Penalties may be reduced by up to 50% under some circumstances such as erroneous breaches, the FSC said.
- South Korea is also planning to bring in a cryptocurrency tax of 20% if gains exceed 2.5 million won (US$2,200).
Read more: Bank of Korea Chief on CBDC: Better Right Than Fast
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
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