South Korean Financial Regulator Confirms Privacy Coin Delistings- Adds New Guidelines to Report Unusual Transactions

South Korean Financial Regulator Confirms Privacy Coin Delistings- Adds New Guidelines to Report Unusual Transactions


South Korean financial watchdogs are about to start overseeing crypto-related activities in the nation, and additional barriers for exchanges keep appearing. Moreover, one of the South Korean regulatory bodies codified the measures announced last year on privacy coin listings.

No Major Domestic Exchanges Can List a Privacy-Centric Crypto-Asset

According to Electronic Times, the Financial Services Commission’s Financial Intelligence Unit (FIU) confirmed that all privacy coins would be delisted from the domestic cryptocurrency exchanges.

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The watchdog argued that difficulties in determining transaction details carry a high risk of money laundering through such cryptocurrencies.

Although the FIU just confirmed it, the local press first reported the measure in November 2020. The FIU pledged to ban privacy coins such as monero (XMR) and zcash (ZEC).

South Korean platforms such as Okex have since been forced to delist several privacy coins to align with the anti-money laundering (AML) rules.

However, as of press time, no major South Korean crypto exchanges have any privacy-centric

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