South Korea's financial regulator is about to regulate cryptocurrency exchanges and bring them into the regulatory system, BusinessKorea reports.
As it states, the Financial Intelligence Unit (FIU) under the Financial Services Commission (FSC) will control cryptocurrency exchanges through administrative guidance to banks.
The watchdog will reportedly enhance the transparency of crypto transactions by introducing a "cryptocurrency exchange licensing system" recommended by the Financial Action Task Force (FATF).
Previously iHodl reported that four large cryptocurrency exchanges in South Korea, Bithumb, Upbit, Korbit and Coinone are about to face new strict crypto regulation in the upcoming future.
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