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Not Reporting All Crypto Transactions Could Land You Five Years in Jail in South Korea

The crypto regulatory space in South Korea is about to become even more regulated with the incoming laws on financial reporting for crypto businesses over there.

South Korea’s Financial Services Commission has amended its financial reporting rules so that it will also touch on the crypto sector. This amendment means that all crypto businesses – including wallet providers, exchanges, or asset managers – need to file records of their transactions with the Financial Intelligence Unit (FIU).

The crypto reporting regulation will officially become law on March the 25th. Virtual asset service providers in South Korea will benefit from a period of six months to follow the new regulations.

Crypto service providers in South Korea will have to adopt robust customer identification protocols, and any suspicious transactions have to be reported to the FIU for further investigations.

Those virtual asset service providers that don’t do this by September the 24th may face fines up to 50 million won ($44,000) or a sentence of five years in prison for their principal actors!

Following March 25th, any new crypto service provider that wishes to establish itself in the country will need to register with the FIU first.

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