#SouthKoreaCryptoPolicy

For cryptocurrencies

The regulations governing cryptocurrency exchanges in South Korea are strict, including government registration and other procedures monitored by the Financial Supervisory Service (FSS) of South Korea.

The South Korean government imposed restrictions on the use of anonymous accounts for cryptocurrency trading in 2017 and prohibited local financial institutions from hosting Bitcoin futures trading, raising suspicions of an impending ban. The Financial Services Commission (FSC) also tightened reporting requirements for banks that have accounts at cryptocurrency exchanges in 2018.

The new laws restrict cryptocurrency trading to 'customer-named bank accounts,' meaning that the trader (customer) must create an account in the customer's name at the same bank that the cryptocurrency trader uses to deposit or withdraw money from their electronic wallet. According to standard anti-money laundering and counter-terrorism financing regulations and organized transaction reporting requirements, both the bank and the trader must verify the identity of the trader.