Korean financial regulators plan to directly regulate cryptocurrency exchanges

According to Businesskorea, the Financial Intelligence Unit (FIU) of the Korea Financial Services Commission (FSC) recently disclosed a plan to directly regulate cryptocurrency exchanges and incorporate them into the regulatory system. Currently, FIU indirectly controls cryptocurrency exchanges through administrative guidance to banks. A FIU official said that the government will increase the transparency of cryptocurrency transactions by introducing the “cryptocurrency trading licensing system” recommended by the Financial Action Task Force (FATF).