South Korea’s FIU Reviews Crypto Exchanges Ahead of Broader Corporate Trading Access
Summary
- The Financial Intelligence Unit has begun reviewing major exchanges ahead of an expansion of corporate participation in the virtual-asset market.
- The FIU asked DAXA, the Digital Asset eXchange Alliance, to submit materials on anti-money laundering (AML) preparations at Upbit, Bithumb, Coinone, Korbit and GOPAX.
- The Financial Services Commission plans to allow about 3,500 listed companies and corporations registered as professional investors to participate in the virtual-asset market in the second phase of its roadmap, excluding financial firms.
Forecast Trend Report by Period
South Korea’s Financial Intelligence Unit has begun reviewing the preparedness of major domestic cryptocurrency exchanges ahead of a broader opening of the market to corporate participants.
Yonhap News reported on May 7 that the Digital Asset eXchange Alliance, or DAXA, plans to collect related materials from Dunamu’s Upbit, Bithumb, Coinone, Korbit and Streami’s GOPAX and submit them to the FIU by 2 p.m.
The FIU requested the materials from each exchange on May 4 in preparation for the second phase of its roadmap for corporate participation in the virtual-asset market, Yonhap reported. The review is centered on anti-money laundering measures, including know-your-customer procedures and suspicious transaction reporting systems.
The step amounts to a preliminary inspection before authorities widen permission for corporate cryptocurrency trading. Under the second phase of the roadmap, the Financial Services Commission plans to allow about 3,500 listed companies and corporations registered as professional investors to participate in the market, excluding financial firms.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
