Financial Services Commission Archives

‘Know-the-sender’ rule sparks heated debate in South Korea parliament

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18 November, 2021

‘Know-the-sender’ rule sparks heated debate in South Korea parliament

The rule would require all businesses to verify and report the identity of any user that sends them digital currencies,...

South Korea will not regulate NFTs, financial watchdog says

Business

Steve Kaaru

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9 November, 2021

South Korea will not regulate NFTs, financial watchdog says

South Korea’s Financial Services Commission is taking a cue from the Financial Action Task Force, which recently said NFTs are...

South Korea bans exchange staff from trading their own tokens

Business

Steve Kaaru

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1 October, 2021

South Korea bans exchange staff from trading their own tokens

The Financial Services Commission in South Korea has issued a decree that bars staff members of any digital currency exchange...

South Korea creates new digital currency oversight bureau

Business

Steve Kaaru

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1 September, 2021

South Korea creates new digital currency oversight bureau

The new bureau will fall under the anti-money laundering agency and will monitor the industry for any suspicious transactions and...

South Korea to shut down 11 local digital currency exchanges: report

Business

Steve Kaaru

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7 August, 2021

South Korea to shut down 11 local digital currency exchanges: report

The Financial Services Commission reportedly plans on denying 11 local exchanges approval to serve the South Korean market as it...

South Korea warns foreign exchanges to register by Sept 24 or risk being shut down

Business

Steve Kaaru

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27 July, 2021

South Korea warns foreign exchanges to register by Sept 24 or risk being shut down

Under the Specific Financial Information Act, any exchange operator that continues to operate past the deadline without registering is liable...

South Korea FSC: Overseas exchanges must register with AML body

Business

Steve Kaaru

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16 July, 2021

South Korea FSC: Overseas exchanges must register with AML body

The head of the Financial Services Commission said that these exchanges must comply with the revised laws that requires exchanges...

Digital currency exchanges threaten to sue South Korea gov’t over regulatory ‘buck pass’

Business

Ed Drake

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7 July, 2021

Digital currency exchanges threaten to sue South Korea gov’t over regulatory ‘buck pass’

New rules being implemented by the Financial Services Commission are reported to be causing significant worries for smaller digital currency...

Bank digital currency clients to be considered ‘high risk’ in latest South Korea crackdown

Business

Ed Drake

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18 June, 2021

Bank digital currency clients to be considered ‘high risk’ in latest South Korea crackdown

The new rules will impact on some 60 unauthorized exchanges in the country, as well as forcing banks to regard...

South Korea exchanges protest after regulator bans cross trading

Business

Steve Kaaru

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10 June, 2021

South Korea exchanges protest after regulator bans cross trading

In its latest, aside from banning cross trading activities, the Financial Services Commission has ordered the exchanges to store at...

South Korea regulator warns employees to file digital currency returns

Business

Ed Drake

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1 May, 2021

South Korea regulator warns employees to file digital currency returns

Employees of the Financial Services Commission who deal with digital currencies must file reports on their personal digital currency holdings.

South Korea new AML rules for digital currency comes into effect

Business

Ed Drake

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26 March, 2021

South Korea new AML rules for digital currency comes into effect

Senior officials in South Korea have approved measures that will introduce a raft of new anti-money laundering provisions for digital...

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