The chairman of the South Korean Finance Committee, Eun Seong-soo, recently reported in an interview with local media Chosun that more than 200 exchanges in South Korea could be suspended.

Seong-soo affirmed that those cryptocurrency exchanges that do not implement the measures established in the new legal considerations will be closed in September of this year.

The measure comes after the South Korean government approved new policies in early 2021, which establish specific guidelines for companies and merchants that operate with cryptocurrencies.

Among the regulatory norms set forth by the government are KYC policies, taxes on commercial operations, a registry with all companies that use or work with cryptocurrencies, in addition to a tightening of the measures already in force.

Although the new regulations were promoted at the beginning of the year and approved on March 25, a reservation will be made for a period of six months, ending on September 24, when companies and businesses must rigorously adjust to the new legal conditions or they will face the risk of being closed and sanctioned with very high fines.

K. Villarroel

Source: diariobitcoin

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