South Korea will remove and prevent unqualified virtual asset exchanges from entering the Korean won market starting this year

Odaily News South Korea will strengthen the declaration review and inspection of virtual asset trading platforms starting from this year, and unqualified virtual asset exchanges will be removed. Before the inspection phase, South Korea is also considering introducing a suspicious transaction preventive transaction stop system that can quickly prevent the concealment of criminal proceeds. South Koreas Financial Intelligence Analysis Unit (FIU) released the 2024 Work Plan based on expert and industry opinions on February 12 through consultations with the Policy Advisory Committee and relevant agencies. The FIU plans to prevent unqualified virtual asset exchanges from entering the Korean won market by strengthening declaration reviews and anti-money laundering (AML) inspections, and will remove unqualified exchanges that have already entered the market. (Yonhap News Agency)