South Korea's main financial regulator, the Financial Service Commission (FSC), said on Thursday that it is establishing an autonomous crypto-focused bureau to oversee digital assets in the nation.
- The new bureau will begin operations in September and will be overseen by the Korea Financial Intelligence Unit (KFIU), a division of the Financial Supervisory Commission that is responsible for anti-money laundering enforcement.
- According to the Korea Times, the new agency would be named the Crypto Asset Monitoring Bureau and will be in charge of monitoring licensing for exchanges and other operators.
- Exchanges that do not register with KFIU and obtain a license by late September will not be allowed to operate in South Korea, according to FSC authorities. The FSC requires exchanges to strengthen their know-your-customer (KYC) requirements and gather personal information about clients as part of their licensing.
- According to the Korea Times, the agency would also be in charge of investigating suspicious activities such as fraud and money laundering.
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