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The First Regulated Crypto Exchange in South Korea Could Make Its Debut in Q3

The South Korean government has asked crypto exchanges to follow new regulatory rules. In the case that the exchanges make the needed changes by June, the first regulated crypto exchange in the country could make its appearance in Q3 2021.

The virtual asset service providers have to file a report to the Financial Services Commission’s Financial Information Analysis Agency (FIU), the regulatory authority in South Korea, by September 24th. This represents a step forward for the country which doesn’t have a great history of supporting crypto.

Aside from this, the country is also banning privacy coins and is preparing for a CBDC trial.

One of the orders asks for the approval of an Information Protection Management System (ISMS). Out of the 60 virtual asset service providers, 20 have already received the certificate. The certificate indicates that the exchange has the ability to fend off security risks like hacks.

KYC and AML initiatives are also put in place. So far, only Bitsum, Coinone, Kobit, and Upbit have been operating using real-name verification deposit and withdrawal accounts. All of them have to file a report to the FIU, but none have done it – at least, for now.

The exchange that will follow suit with all of the requests will become the first completely regulated exchange in South Korea. If it’s done this month, the official launch as a regulated crypto exchange will probably happen around August or September.

Source: BeInCrypto.com

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