South Korea has requested crypto exchanges to comply with new regulatory requests, and should the exchanges complete the process by June, the country’s first regulated exchange could launch towards the beginning of Q3 2021.
According to local media outlet Yonhap News, South Korea is set to launch its first regulated cryptocurrency exchange in the third quarter of 2021.
The country’s financial regulators plans to ‘reorganize’ the market with the launch,
Virtual asset service providers must file a report to the Financial Services Commission’s Financial Information Analysis Agency (FIU, the country’s regulatory authority, by September 24.
One of the orders imposed include the approval of an Information Protection Management System (ISMS), which provides a certificate of recognition of the exchange’s ability to prevent security incidents. Currenty, only 20 virtual asset service providers, out of 60, have been identified.
The regulatory requsts is another indication that South Korea is keen on ensuring complete crypto regulation. The country has submitted six crypto-related bills, including taxation and crypto issuance.
FinCrime World Forum
Don’t miss out on the ”Scanning the Virtual Horizon The next steps for global Virtual Asset regulation” panel discussion at FinCrime World Forum on 23 June at 4:40PM BST | 5:40PM CEST
Panellists will explore whether other regulatory models or bespoke alternatives might be applied to better effect, and the potential scope for regulatory innovation.