South Korea is heading into a new period for its crypto industry, with stringent new rules coming into effect on March 25 that will require all cryptocurrency businesses to comply with new crypto reporting regulations and registration rules.
As an article from the Korea Herald outlines, industry experts fear that the impact of the new measures — specifically, the incoming Specific Financial Transactions Act — will have damaging consequences for most domestic cryptocurrency firms. The act requires all virtual asset operators to seek official registration, for which they must show evidence that they are operating using real-name accounts at South Korean banks.
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