60 Cryptocurrency Exchanges in South Korea to Close Down All or Some Solutions Today– Policy Bitcoin Information

The due date for cryptocurrency exchanges and also purse drivers to adhere to the brand-new governing needs to remain open in South Korea is today. Up until now, just one crypto exchange has actually been accredited to proceed procedures. Around 60 crypto exchanges are anticipated to either closed down or decrease solutions.

60 Crypto Exchanges Expected to Close Down or Lower Solutions

Under the “Act upon the Coverage and also Use Certain Financial Purchase Info (Unique Act),” crypto exchanges need to be Info Protection Administration System (ISMS)- licensed and also sign up with the South Oriental Financial Knowledge Device (FIU) by Sept. 24. Crypto exchanges that stop working to do either need to stop procedures on that particular day.

According to regional media, 34 exchanges have actually not obtained ISMS accreditation, so they are anticipated to close down completely on Sept. 24.

A total amount of 29 crypto exchanges have actually been ISMS-certified yet just one has actually efficiently signed up with the FIU, a system of the Financial Solutions Compensation (FSC), the nation’s leading monetary regulatory authority.

The Monetary Knowledge Device held its initial crypto organization evaluation conference Friday to examine the record sent by Dunamu Inc., the driver of Upbit, the biggest crypto exchange in the nation. The evaluation board approved the record, making Upbit the initial qualified crypto exchange driver in the nation.

The FIU better disclosed Friday that besides Upbit, 4 various other crypto exchange drivers have actually sent a record: Bithumb, Korbit, Coinone, and also Korea Digital Exchange (Flybit). Furthermore, a purse driver, Korea Digital Property (KODA), has actually likewise sent a record.

The FSC stated:

Taking Into Consideration that there is one week left till the 24th, digital property companies that have actually not yet submitted a record needs to submit a record immediately.

Furthermore, signed up crypto exchanges that intend to use trading in Oriental won need to likewise companion with financial institutions to supply customers with real-name confirmed accounts. Up until now, just the nation’s biggest exchanges– Upbit, Bithumb, Coinone, and also Korbit– have actually safeguarded financial collaborations. Financial institutions hesitate to companion with smaller sized exchanges as a result of threats such as money laundering.

That suggests, 25 crypto exchanges out of the 29 that have actually been ISMS-certified will certainly be crypto-only exchanges if they efficiently sign up with the FIU. They need to stop offering trading in Oriental won by Sept. 24 and also needs to have currently alerted their consumers as called for by the monetary regulatory authorities. 4 firms– Gopax, Gdac, Hanbitco, and also Huobi Korea– stated they are still functioning to safeguard financial collaborations by the due date.

Presently, out of 63 crypto exchanges, just the leading 4 exchanges will certainly remain to run as typical. The remainder will certainly either close down or decrease solutions.

What do you think of all these crypto exchanges needing to close down under the brand-new guideline? Allow us understand in the remarks area listed below.

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