Currency Economy

Korean crypto exchanges could soon face fines for gaps in due diligence measures

Cryptocurrency (Mar 11, 2021 06:40AM ET) Korean crypto exchanges could soon face fines for gaps in due diligence measures

Korean crypto exchanges could soon face fines for gaps in due diligence measures

South Korean crypto exchanges that don’t take extensive data collection and identity verification measures could soon be subject to heavy fines.

According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs.

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