#SouthKoreaCryptoPolicy The cryptographic policy of South Korea has evolved, seeking to balance the growth of the industry with the protection of investors and the prevention of illicit activities.

In summary, the Korean government has established laws that require registration and oversight of virtual asset service companies, implementing security measures and increasing transparency.

•Key points of the cryptographic policy in

South Korea:

•Registration and oversight:

Companies providing virtual asset services, such as exchanges, need to register and be subject to government oversight, including the requirement to have authorized bank accounts in the same name as the client.

•Security:

There is a requirement to obtain certification from the Information Security Management System (ISMS) of the Korea Internet Security Agency (KISA).

Protection against money laundering:

The implementation of enhanced Anti-Money Laundering (AML) procedures and "Know Your Customer" (KYC) is mandatory.

•Transparency:

The Virtual Asset User Protection Act of 2023 establishes stricter requirements in terms of record-keeping and transparency.

•New measures:

Authorities are exploring new policies and regulations to address the growing use of virtual assets, such as NFTs.

South Korea is one of the countries with one of the most developed cryptocurrency industries in the world, and recent measures reflect the effort to create a regulated and secure ecosystem for the industry.

#SouthKoreaCryptoPolicy #BinanceAlphaAlert #BigTechStablecoin #MarketPullback