Dunamu CEO: Korean cryptocurrency exchange is embarking on the implementation of FATF guidelines

On September 4, LeeSir-goo, CEO of Upbit, the cryptocurrency exchange in South Korea, said at the Upbit Developers Conference that South Korea’s cryptocurrency exchange is in the process of implementing the Financial Action Task Force’s (FATF) June guidelines. To curb the criminal use of its digital assets. “(Korea’s cryptocurrency exchange) is in the early stages of the discussion. When implementing the requirements, we should consider local participants, but the guidelines will also be effective on a global scale.” He said that the plan for this will be adopted. The Korea Blockchain Association, which is based in Seoul, is an exchange-initiated group. He believes that the decision of the FATF is beneficial to the Korean cryptocurrency transaction. It is reported that the Korean cryptocurrency exchange must have a real-name bank account and renew the contract with a commercial bank every six months in order to accept the Korean won at its exchange. He said, "When the FATF's recommendations come into effect here, the burden on banks that create accounts for cryptocurrency exchanges may be reduced."