29 Crypto Exchanges Survive New Regulation in South Korea, 37 Exchanges Must Shu

[RSRS]

The deadline for crypto exchanges and service providers in South Korea to meet requirements to stay open under the new regulation has passed. Twenty-nine cryptocurrency exchanges met the deadline to continue operations but only four of them can offer trading in Korean won.

New South Korean Crypto Regulation in Effect
The Act on Reporting and Using Specified Financial Transaction Information requires crypto exchanges to obtain Information Security Management System (ISMS) certification and submit a report to the country’s Financial Intelligence Unit (FIU) by midnight on Sept. 24. Exchanges that want to offer trading in Korea won must also form a partnership with a local bank to offer real-name accounts to users.

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