Media: South Korea will abolish the cryptocurrency anti-money laundering law and seek direct legislation

The South Korean government has now decided to abolish the anti-money laundering guide for cryptocurrencies and will introduce legislation to directly regulate cryptocurrency transactions. Last week, the Korea Financial Services Commission included the “Guidelines for Preventing Money Money Laundering” from being included in the list of 22 administrative guidelines that were abolished. Since the FATF (Financial Action Task Force) previously issued a draft explanatory note for virtual asset service providers, each member jurisdiction requires its monetary authorities to introduce cryptocurrency exchanges and other related service providers. Anti-money laundering legislation. In South Korea, these measures are also designed to avoid the recurrence of excessive speculation in the 2017 bull market. Once the amendment is approved, the cryptocurrency exchange will provide the bank with a comprehensive analysis of its AML data to maintain its account. This direct control at the national level is designed to increase user protection and transaction transparency.