According to BlockBeats: South Korea is set to tighten regulations on virtual asset trading platforms starting this year, barring unqualified platforms from entering the country's market. This move comes as part of their exhaustive effort to control and monitor illicit activities related to cryptocurrencies.
As of February 12th, the Financial Intelligence Unit (FIU) of South Korea has announced its intention to strengthen the declaration review and inspections of these platforms and expel the ones found unqualified. Before the inspection stage, they aim to introduce a suspicious transaction prevention system designed to swiftly stop crime-related revenues from being concealed.
The FIU laid out these plans in its "2024 Work Plan," developed after consultation with the Policy Advisory Committee and relevant organizations based on industry and expert opinions. By intensifying their anti-money laundering (AML) inspections, the FIU aims to halt unsuitable crypto trading platforms' access to the Korean financial market. This move signals South Korea's ongoing commitment to ensuring the crypto market's transparency and security.