South Korean regulators parley with 20 crypto exchanges

South Korean regulators parley with 20 crypto exchanges

Small and medium-sized exchanges in South Korea had a chance to express some of their grievances with the government during a recent meeting with financial regulators.

According to a report by South Korean news outlet D.Street, the Financial Services Commission (FSC) convened a closed-door meeting with 20 crypto exchanges on Thursday.

Inside sources quoted by D.Street say the closed-door session was a parley between the FSC’s Financial Intelligence Unit (FIU) and the 20 crypto exchanges where the former expressed the government’s desire to implement its virtual asset service provider (VASP) report.

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Indeed, on May 28, the FSC issued a release stating its intention to strengthen its oversight of the crypto market to combat illegal activities. As part of the plan, crypto exchanges and other VASPs will be given a six-month grace period to register with the government.

This registration process includes obtaining Information Security Management System certifications and opening real-name trading accounts among others. The 20 exchanges involved in Thursday’s meeting are the

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