South Korea has recently passed new legislation that will significantly impact crypto investors. The legislation, which seeks to bring transparency to the largely unregulated sector, requires all crypto exchanges within the country to partner with local banks and verify customer identities. This move aims to prevent money laundering and other illicit activities. Additionally, the law also mandates exchanges to obtain a certification from the Korean Internet and Security Agency. Those failing to adhere to the new rules by September 24, 2021, risk having their platforms shut down. This development marks a significant step in recognizing cryptocurrency in the nation’s financial ecosystem.
