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Crypto

Crypto Regulatory Landscape: South Korea FIU Reveals 2024 Plan For Exchanges

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

South Korea’s regulator, the Financial Intelligence Unit (FIU), is on the path of increasing their oversight of crypto exchanges within the country as the agency has revealed its plans for exchanges this year.

South Korea’s FIU Unveils Work Plan For Crypto Exchanges

According to local reports, a detailed “2024 Work Plan” has been outlined by the Financial Intelligence Unit (FIU). This plan seeks to protect the Korean won market against illicit crypto exchanges through improved anti-money laundering (AML) procedures; non-compliant operators will be identified and removed, the regulator claims. 

Related Reading: Bitcoin Spot ETF: South Korean Regulator Turns To US SEC Chairman For Guidance

The local report highlighted that the finance unit developed the strategy after gathering views from professionals and businesses following its collaboration with the Policy Advisory Committee and relevant organizations. 

The strategy will increase South Korea’s reporting review and inspection of virtual asset exchanges. Additionally, exchanges of virtual assets that do not meet regulatory standards will be banned from operating in the country. 

Furthermore, the report revealed plans to introduce a preemptive transaction suspension system for “questionable transactions.” This system will be under the Financial Action Task Force (FATF).

As a result, it can swiftly block the concealment of criminal proceeds at all stages of the prosecution investigation. According to the report, FIU plans to implement this system domestically.

The unit is undertaking expert research services to explore foreign cases and investigate the introduction of measures in this context. In addition, the FIU intends to implore experts in the field, such as accountants and attorneys, to cooperate in the fight against money laundering.

The move tends to improve accountability and openness in light of worries about inside trading in the political landscape.

The Plan To Be Distributed In Two Distinct Phases

A two-phase inspection process will be part of the financial unit’s plan, which will take place in the first and second half of the year. For the first phase, the FIU will begin by evaluating the market’s functionality and its capabilities for money laundering.

Related Reading: South Korea Tightens Grip On Crypto: Mixer Regulations Incoming?

Meanwhile, for the second phase, a more comprehensive inquiry would be conducted into virtual asset operators who do not comply with regulations. This will ultimately protect users, the regulator claimed, by reviewing and expelling these virtual asset operators. Lee Yoon-soo, Director of the FIU, stated:

To prepare for the implementation of the Virtual Asset User Protection Act and large-scale renewal reports scheduled for the second half of this year, we will quickly promote system improvement to strengthen reporting screening for virtual asset business operators, and based on this, prepare and respond to renewal reports without disruption. We will do it.

Major shareholders will also be evaluated as part of this policy, and those with a history of legal infractions or bad social credit, such as loan defaults, will be subject to higher disqualification measures.

Crypto
Crypto market cap at $1.745 trillion | Source: TOTAL on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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