South Korea will start fighting cryptocheges without registration

The Government of South Korea made changes to the draft law, regulating the activities of the cryptochki, according to which the leaders of unregistered platforms threaten imprisonment.

The amendment is aimed at stimulating the exchanges for the development of consumer rights protection systems and the adoption of international standards for PF / CFT recommended by FATF. First of all, to ensure the binding of virtual accounts serviced by banks to the real personalities of users.

New rules also simplify the registration procedure, certification requirements for information security management systems and receiving virtual accounts. In the future, for non-compliance with the rules, a penalty is punishable to $ 42.5 thousand or imprisonment for up to five years.

The ban on anonymous accounts was introduced last year, but since then only Bithumb, Upbit, Corbit and Coinone Exchange fulfilled all registration conditions.

If in the process of coordination of the bill of innovations will be left unchanged, then cryptobirits will control the same way as traditional financial institutions. It is expected that it stabilizes the digital assets market.

However, the bill will still be considered by other government agencies, so it can undergo major changes.

Increased control is associated with increasing fraud in this area. According to the estimates of the Ministry of Justice of South Korea, the financial damage from crimes related to cryptocurrencies committed on the territory of the country from July 2017 to June 2019,

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