South Korea and Anti-Money Laundering Act – Relation to Cryptocurrency and Regulators

South Korean regulators will conduct an investigation on a number of the main banks for their compliance with the AML Act (Anti-Money Laundering Act). Their operations with cryptocurrencies will be checked.
The examination of South Korean banks and cryptocurrency accounts held there will start next month. In December previous year, South Korean government announced, that it will ban all activities connected with anonymous cryptocurrency trading. It will also require that all traders and account holders in cryptocurrency associate their accounts in exchanges with their bank accounts. Account holders are required to do so since the 30th of January this year.
Meanwhile, there were rumors that South Korea is going to ban cryptocurrency, but they were denied by South Korean Finance Minister Kim Dong-yeon. He explained, that new measures are dictated by the Anti-Money Laundering Act, but not with the intention to ban cryptocurrency transactions in the country. As long as traders comply with the requirements, they are free to perform their activities connected with cryptocurrency as they did earlier.

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