South Korea will take action against unregistered cryptocurrency exchanges

The South Korean government announced today that if crypto exchanges do not voluntarily register with the country’s authorities before September 24, they will face penalties.

According to reports, this new set of regulations will influences Exchanges located in South Korea and foreign exchange exchanges operating in the South Korean market. According to the press release, this includes any exchange that supports the Korean language, marketing to Koreans, or transactions that can be paid in Korean won.

According to the “Specific Financial Information Act”, exchanges that continue to operate without registration are punishable by up to five years in prison or a fine of up to 50 million won-approximately $43,500. Sources indicate that there are plans to block websites belonging to unregistered exchanges in the future.

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South Korean users should check whether the exchange they use is registered on September 25 to avoid any related penalties. From then on, sales through such exchanges will be illegal in the country.

The announcement is the latest in a series of regulations on cryptocurrencies around the world.Earlier this week, the European Union Announced plans to strike Send and receive cryptocurrency to limit money laundering activities.Chairman of the U.S. Securities and Exchange Commission Speak cryptocurrency It belongs to the U.S. securities-based swap rules and regulations, and pointed out that there may be more supervision.This week, the Presidential Working Group on Financial Markets and other U.S. institutions also held a meeting to discuss The use and risk of stablecoins. Regulatory recommendations are expected to be made in the next few months.