South Korea’s regulator, the Financial Intelligence Unit (FIU), is on the path of increasing their oversight of crypto exchanges within the country as the agency has revealed its plans for exchanges this year.
South Korea’s FIU Unveils Work Plan For Crypto Exchanges
According to local reports, a detailed “2024 Work Plan” has been outlined by the Financial Intelligence Unit (FIU). This plan seeks to protect the Korean won market against illicit crypto exchanges through improved anti-money laundering (AML) procedures; non-compliant operators will be identified and removed, the regulator claims.
The local report highlighted that the finance unit developed the strategy after gathering views from professionals and businesses following its collaboration with the Policy Advisory Committee and relevant organizations.
The strategy will increase South Korea’s reporting review and inspection of virtual asset exchanges. Additionally, exchanges of virtual assets that do not meet regul
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