2024.01.05
South Korea Tightens Cryptocurrency Operator Qualifications Amidst Binance Speculation
South Korea's Financial Services Commission is tightening rules for cryptocurrency operators in response to concerns about improper appointments of executives with criminal backgrounds, specifically targeting Binance. The amendment aims to strengthen reporting provisions for virtual asset businesses, preventing individuals who violated foreign financial laws from becoming officers or directors. This move seeks to block Binance's entry into South Korea after alleged money laundering activities. The changes aim to be implemented swiftly, expected in the second quarter, without requiring parliamentary approval.
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