Home Blockchain News Korean Crypto Exchanges Face Backlash, Could it Stunt Bitcoin’s Run?

Korean Crypto Exchanges Face Backlash, Could it Stunt Bitcoin’s Run?

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According to Business Korea, hundreds of minor crypto exchanges in South Korea could run smack into heightened scrutiny for failing to abide by proposed enhanced know-your-customer (KYC) regulations, which would require exchanges to only provide services to users with “real-name accounts” issued by local financial institutions. Earlier this month, the Financial Action Task Force, an intergovernmental organization under the G7, proposed guidelines that encourage all crypto exchanges to share customer data. Although industry executives and experts have indicated that the ruling of the FATF is highly impractical and may be counterproductive, many countries in the G7 and the G20 –

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* First published on ccn.com

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