South Korea announces crypto exchange license system, or only 4-6 exchanges qualify

According to The News.Asia, the Plenary Session of the Korean Parliament has today passed an amendment to the "Reporting and Utilization of Information on Specific Financial Transactions (Special Financial Law)", which will be implemented one year later (ie March 2021). The special financial law includes the crypto exchange license system and the bank's support for real-name registration of crypto exchange accounts. It is understood that all entities will then have a six-month grace period to comply with the new law. However, investors are worried that they will suffer further losses as their preferred exchange may close, charge higher fees, or need to submit more supporting documents to continue trading on the platform. By the end of the six-month grace period, crypto exchanges in South Korea may actually only have 4 to 6 exchanges to choose from, as only Upbit, Bithumb, Coinone, and Korbit have real-name banking systems, in addition to GoPax and Hanbitco Home is using ISMS.