New rules announced by South Korea’s Financial Services Commission, or FSC, are expected to affect around 60 unauthorized cryptocurrency exchanges in the country, and a new policy for banks will require that they classify any crypto exchange clients as “high risk.”
According to the Korea Times, the new guidelines were announced on Sunday and are intended to ensure that crypto exchanges strengthen their monitoring of transactions and uphold strong user ID requirements. Until now, only the four largest exchanges in South Korea have set up real-name accounts that have been cleared by banks. The FSC is justifying its measures by noting that there is high demand from customers for more protection for their assets held at smaller cryptocurrency exchanges.