#SouthKoreaCryptoPolicy crypto South Korea has undergone significant changes in recent years, reflecting the government's efforts to balance innovation with investor protection. Here are some key developments:

Regulatory Framework

- The Financial Services Commission (FSC) is the primary regulator for virtual asset service providers (VASP), overseeing compliance with anti-money laundering (AML) and know your customer (KYC) requirements.

- The Act on Reporting and Using Specific Financial Transaction Information regulates VASP activities, including the reporting of suspicious transactions and the implementation of internal AML policies ¹.

Recent Reforms