BASIS ID is set for South Korea’s new AML rules for cryptocurrency

Recently, South Korea has approved new anti-money laundering measures for the digital currency sector.

The new rules came into force on April 25, 2021. They have imposed harder and stricter conditions on Virtual Asset Service Providers (VASPs) in managing risks of money laundering and other crimes related to it. These measures are the latest example of South Korea working hard to comply with new Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) directives in the virtual asset space.

What are South Korean AML regulation updates and what are they bringing to the FinTech companies? Continue reading to know more.

SOUTH KOREAN AML BACKGROUND

INSIDE OF THE AMENDMENT

DAO is a stablecoin cryptocurrency that aims to keep its value as close to one United States dollar as possible through an automated system of smart contracts on the Ethereum blockchain.

CRITICS

Local AML Regulations in South Korea

BASIS ID SOLUTIONS