Starting this year, South Korea will eliminate and prevent unqualified virtual asset trading platforms from entering the won market

ChainCatcher news, according to Yonhap News Agency, South Korea will strengthen the declaration review and inspection of virtual asset trading platforms starting this year, and non-compliant virtual asset trading platforms will be eliminated. Before the inspection phase, there is also consideration to introduce a suspicious transaction preventive trading halt system that can quickly prevent the concealment of criminal proceeds.

The Financial Intelligence Unit (FIU) of South Korea released the "2024 Work Plan" on the 12th, based on expert and industry opinions collected through consultations with the policy advisory committee and relevant agencies. The FIU plans to prevent non-compliant virtual asset trading platforms from entering the won market by strengthening declaration reviews and anti-money laundering (AML) inspections, and will eliminate trading platforms that have already entered the market but are non-compliant.