South Korea’s regulators will join forces to combat illicit transactions in digital assets. Yonhap reports.
Koo Yun-cheol, head of the Office for Government Policy Coordination of South Korea, described inter-agency cooperation as a response to the rise of speculative investment and “potentially illicit activity” amid the bull run in cryptocurrencies.
“Attention must be paid to curbing illicit activity involving digital assets,” said Koo Yun-cheol.
Regulators asked local financial institutions to strengthen monitoring of cryptocurrency transactions and report suspicious activity related to them.
Authorities also plan to monitor cross-border digital asset transactions.
As a reminder, since 25 March 2021, have to comply with anti-money laundering requirements.
Virtual asset service providers must register before commencing business. Existing companies were given a grace period — they could submit documents until 24 September 2021.
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