Saw this on ChainCatcher / Yonhap News: South Korea’s Financial Intelligence Unit (FIU) tightened the screws again today—the three unreported virtual asset operators identified by DAXA, TetherMax, SuperTrust, and Aegis Ventures, have been referred to investigative authorities. The FIU has also asked the Korea Communications Standards Commission to block access from within South Korea to the websites/apps of two of them (TetherMax and SuperTrust). Aegis Ventures was left off the block list because it has no standalone website or app.
The key figure: the cumulative number of unreported operators referred to investigative authorities has reached 47. Under the Special Financial Information Act, operating without reporting can carry a maximum sentence of five years in prison or a fine of KRW 50 million. The law also applies to overseas platforms serving South Korean residents. The FIU added that, in a joint inspection in June, these unreported operators charged average fees of around 1.5%–10%—up to roughly 62 times the average rate of 0.16% at South Korea’s five largest KRW exchanges.
South Korea is getting increasingly strict about anyone “serving local users without registering.”
#监管 #韩国 #Cryptocurrency
The key figure: the cumulative number of unreported operators referred to investigative authorities has reached 47. Under the Special Financial Information Act, operating without reporting can carry a maximum sentence of five years in prison or a fine of KRW 50 million. The law also applies to overseas platforms serving South Korean residents. The FIU added that, in a joint inspection in June, these unreported operators charged average fees of around 1.5%–10%—up to roughly 62 times the average rate of 0.16% at South Korea’s five largest KRW exchanges.
South Korea is getting increasingly strict about anyone “serving local users without registering.”
#监管 #韩国 #Cryptocurrency
