According to Cointelegraph, South Korean Commonwealth MP Kim Byung-wook has previously proposed a set of cryptocurrency regulations, known as the "Regulations on the Reporting and Utilization of Certain Financial Transaction Information". The amendment defines cryptocurrency as a virtual asset and the cryptocurrency exchange is affiliated with the Financial Intelligence Unit controlled by the Financial Services Commission (FSC); it also introduces a cryptocurrency exchange licensing system and is largely subject to FATF regulations. Impact. The amendment was originally expected to be approved by the Korean National Assembly before July 9, thus invalidating the previous FSC guidelines, but it failed to pass. The amendment's author's secretary, Shin Ha-young, said the bill was not fulfilled because the Congressional Policy Committee “had no time” to publicly review it before voting. “In the current situation, it is not clear when legislation will be made.” At the same time, local experts believe that the amendment may take effect before June 2020, when the FATF's international regulatory guidelines for cryptocurrencies will apply to 37 FATFs. Member States. Anonymous officials from one of the four major exchanges in South Korea expressed support for the amendment because "even the guidelines for the FATF are better than nothing." However, the source added that the bill is likely not to be passed in the near future. .