South Korea to implement FATF cryptocurrency regulation

South Korea amended its policy framework in order to corporate new Financial Action Task Force’s (FATF) rules on cryptocurrency exchanges and service providers. Exchanges in Korea will now have to apply for a license from the financial regulatory agency. South Korean parliament approved the Act on Reporting and Using Specified Financial Transaction Information,which is in line with the G20’s FATF regulation, revealed in June 2019, in combating the financing of terrorism and improvement of anti money-laundry practices worldwide.