South Korean Government Agency Seeks Direct Supervision Over Crypto Exchanges


The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit. This will obligate crypto exchanges to follow anti‐money laundering directives like banks do. This is the first time a government agency has said it will oversee crypto exchanges.

The Korea Financial Intelligence Unit (FIU), under the supervision of the Financial Services Commission (FSC), recently held an Anti‐Money Laundering Policy Advisory Committee meeting. The meeting was set up to discuss measures against money laundering and terrorism financing activities.

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