South Korea Issued A Guide For Cryptocurrency Exchanges And Banks

The South Korean government has officially issued two sets of previously promised guidelines, which have specific measures to regulate the cryptocurrency.

In addition the details of the new real name system for stopping the anonymous trade by the crypto-authorities, the government also published its recommendations on combating money laundering for banks providing services for the exchange of cryptocurrencies.

On Tuesday, the government of South Korea officially issued a document containing guidelines for encryption rules that were previously promised. The Deputy Chairman of the Financial Services Commission Kim Jongbuement made this declaration.

This document details the government's special measures to eliminate virtual currency speculation, which were first announced on December 28. In addition, the government also announced its anti-money laundering guidelines, prepared by the Korean Financial Intelligence Unit, the FSC unit, for all banks involved in crypto-currency accounts on Tuesday.

If the exchange has a big risk of money laundering or requires information, the bank may terminate the transaction.