South Korea to Enhance Customer Verification for Crypto Exchanges

According to PANews, the South Korean Financial Services Commission (FSC) is set to implement stricter customer verification procedures for non-profit organizations and cryptocurrency exchanges starting in June. These entities will be permitted to sell digital assets under the new regulations. To mitigate money laundering risks, cryptocurrency exchanges and banks that provide account services for crypto transactions will be required to verify the source and purpose of funds involved in transactions with non-profit organizations and other crypto exchanges. Exchanges must check the origin and intent of received cryptocurrency deposits, while banks are tasked with verifying the proceeds from cryptocurrency sales withdrawn through verified accounts.