Global Money Laundering Watchdog Briefed on Korea's Crypto-Friendly Rules
South Korea's financial watchdog has reportedly briefed a significant global anti-money laundering body of its rules for national cryptocurrency transactions.
South Korean authorities, who have notably embraced a friendly stance on non-anonymous cryptocurrency trading in the nation this year, have briefed the Financial Action Task Force (FATF) of South Korea's national guidelines for cryptocurrency transactions, Yonhap reports.
Established in 1989, Paris-based FATF is a global intergovernmental body tasked to combat money laundering and terrorism financing (AML/CTF) with 37-member states from all six populated continents on the planet. At a meeting attended by all members a week, South Korea's newly implemented AML guidelines for domestic cryptocurrency trading 'were the first to be drawn up' during the members' discussion, the report revealed, citing the Financial Services Commission (FSC).
Since Korea's financial regulator, the FSC imposed a comprehensive ban on anonymous trading of cryptocurrencies to present a new 'real name trading platform' wherein cryptocurrency traders are required to use their real names with their crypto accounts and their bank account. In essence, any new cryptocurrency purchases or withdrawals in fiat will require traders and adopters to comply with the new know-your-customer (KYC) rules that kicked in on January 30.
Since that time, Korean financial regulators have publicly stated that the government will encourage 'normal [non-anonymous] transactions' of cryptocurrencies, going so far as to call for the 'normalization' of cryptocurrencies in the nation.
Those rules are now being briefed to some of the world's biggest nations and markets, in what could ultimately pave the way for wider adoption and trading of cryptocurrencies internationally under widely-accepted KYC standards.