South Korea to take action against unregistered crypto exchanges
July 22, 2021. Summarized by summa-bot.
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The punishment for those who fail to register is up to five years in prison or a fine of up to an equivalent $43,500 USD
The South Korean government announced today that crypto exchanges will face punishment if they have not voluntarily registered with the country’s authorities by September 24.
This new set of regulations will reportedly affect both exchanges based in South Korea and foreign exchanges that operate in Korean markets.
According to the release, that includes any exchange where the Korean language is supported, marketing is geared toward Koreans, or payments can be made using the Korean won.
Under the Specific Financial Information Act, the punishment for exchanges that continue to operate without registration is up to five years in prison or a fine of up 50 million Won — roughly $43,500 USD.
Korean users should check on September 25 to see if the exchange they are using is registered to avoid any related penalties.