South Korea is set to open its cryptocurrency market to international investors, necessitating specific anti-money laundering measures.
Expanding Opportunities for International Investors
This intention was expressed by King Sung-ji, head of the Financial Services Commission’s crypto division, during a seminar at the National Assembly. Currently, South Korea restricts foreign investors from entering the local cryptocurrency market due to stringent KYC regulations.
Potential Changes in Anti-Money Laundering Policy
Financial regulators in South Korea are contemplating revisions to AML rules to attract international crypto investors. The Financial Intelligence Unit is actively working to strengthen these regulations.
Investor Protection and Regulatory Strengthening
South Korea seeks to combat growing threats in crypto and is eager to develop its market while ensuring investor protection. They urged Google to restrict access to 17 crypto exchanges allegedly operating without proper registration.
South Korea intensifies its efforts to attract foreign investors by implementing updated AML rules and improving its cryptocurrency legislation.
