Foreign media: Korean financial law amendments implemented, crypto exchanges will integrate to meet their requirements

According to CoinDesk, the South Korean Parliament passed a special financial law on the 5th plenary meeting. This bill is an amendment to South Korea ’s current Financial Information Law, which strengthens Korea ’s anti-money laundering (AML) and counter-terrorism for virtual asset service providers (VASPs) Financing (CFT) framework. Korean media analysts say this could squeeze small Korean companies that cannot afford the regulatory burden. Exchanges can try to merge, raise funds and join forces to meet new requirements. But it can also be a death knell for gray area projects that are trying to take advantage of investor interests, especially for initial coin offerings (ICOs) that must comply with registration requirements under the new law.