South Korea’s encryption rules have changed and face up to 5 years in prison!
According to the Korea Central Daily News, the Financial Services Commission of Korea (FSC) announced that companies handling cryptocurrency-related services must report their transactions to government agencies and comply with anti-money laundering regulations. Amendments regarding reporting and using specific financial transaction information Coming into effect on March 25, the amendment requires all companies engaged in virtual asset trading, storage and management to report their business to the Korea Financial Intelligence Agency, a subsidiary of the FSC. Those planning to start new businesses related to virtual assets must first report to the Financial Stability Board, and companies that have already started related businesses must report to the agency within six months. If a company fails to submit a report by September 24 (six months after the amendment takes effect), it will face up to five years in prison or a fine of up to 50 million won (44,200 US dollars). From March 25, crypto asset companies must thoroughly identify customers and report any suspicious transactions to prevent money laundering using crypto assets.
