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.
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