In an act to regulate the crypto world in South Korea, the Financial Services Commission (FSC) of Korea directed cryptocurrency exchanges to get certified by the Korean Internet and Security Agency (KISA) to resume functioning after September 24.
The cryptocurrency exchanges were needed to accomplish specific demands to resume authorized operating in the nation. Out of 63 crypto exchanges functioning in the nation, 28 met the initial requirements and earned certification from KISA to remain open and operate as cryptocurrency-only exchanges. They anticipate the final license from internet regulators and FSC.
However, just 4 out of 28 exchanges Bitthumb, Upbit, Corbit and Coinone will resume trading in Korean Won. To offer trade in it, rest of the 24 crypto exchanges have to associate with banks for providing real-time verification on withdrawal and deposits accounts.
The crypto exchanges have to end trading services in the KRW (Korean Won) market if they don’t associate with the banks in the nation.
The amended act on Reporting and Using Specified Financial Transaction Information compel the crypto exchanges to get Information Security Management System (ISMS) certificate from KISA and report to a unit of the Financial Services Commission (FSC) – the Financial Intelligence Unit (FIU).
Financial authorities in South Korea have issued business closure instructions to the cryptocurrency business ko too.
The cryptocurrency exchanges that would be shut because of non-compliance of the latest rules have to notify their consumers about the anticipated closing date, so they can withdraw their funds 7 days prior to the shutdown of the exchange. Additionally, such exchanges have to give a period of a month for customers to withdraw their funds.