The world of cryptocurrencies is changing every day, and today is no exception. After the gradual regulation of crypto exchanges by countries such as China or Turkey, for example, South Korea is also joining the club. This time, it has decided to tighten control over crypto exchange operators, with the government demanding that they report to the relevant FIU authorities from today.
As the official Korean daily said, the government has recently passed a law that obliges operators to report to the appropriate authorities if they want to continue doing business in the state. More specifically, they must obtain ISMS certification, which, among other things, serves, for example, to prevent various types of hacks, which is one of the biggest concerns of governments. They want all customers to be completely safe and not in any danger in the online world, which is clearly understandable.
According to available information, this certificate has only about 20 of the total number of 60 exchanges so far. What is interesting, however, is that only 4 exchanges, namely Bithumb, Coinone, Korbit, and Upbit, require the real name of the client when withdrawing and depositing. We can thus expect this to be another topic that the South Korean government will address in the coming weeks or months.