AMLCointelegraph.comFatfKYCregulationSouth Korea

South Korea faces strict crypto regulation and fears of centralization

The growing cost of compliance in South Korea could push smaller crypto businesses out of the country.
From real-name account trading to investigating individuals using cryptocurrencies to evade taxes, government officials in South Korea are enacting stricter regulations to oversee the cryptocurrency industry in the country. These measures often require digital currency businesses to provide detailed customer data and transaction information to the relevant authorities.With these stringent measures often comes an increase in the cost of compliance for exchanges and other crypto service providers. Privacy concerns are another issue amid the swath of information being provided to government agencies.However, this strict regulatory climate has done little to dampen the enthusiasm for cryptocurrencies in South Korea. Crypto trading in the country continues to gain more traction, with exchange investors in line for significant price gains in shares amid the current upsurge in digital currency activity in the country.Data from South Korea’s National Tax Service, or NTS, shows an increase in the number of crypto investors in the country over the past year. This surge in market participants has also triggered an eightfold increase in trading volume such that the crypto arena recently overtook the stock market, albeit temporarily, in daily trading volume.South Korea’s tightened crypto regulations are also coming amid updates to the Financial Action Task Force’s, of FATF’s, guidelines on cryptocurrency regulations. The intergovernmental body continues to call for heightened restrictions on the crypto space, predicated on exerting strict oversight of centralized …
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