Regulators summon Korean crypto exchanges to meeting

4 June, 2021

Korean financial watchdogs have held a meeting with the country’s 20 digital coin exchange operators on Thursday.

This is the first time that the Financial Services Commission (FSC) and the Korean Financial Intelligence Unit (KoFIU) has gathered the country’s top 20 crypto business operators.

The meeting was called to “provide information and consulting on business reporting requirement procedures.”

According to Korea Times, those crypto exchanges are those who had already obtained Information Security Management System (ISMS) certification from the government.

“The KoFIU called the meeting of the 20 ISMS certified cryptocurrency exchanges to provide information concerning the procedures for their prompt business reporting to the government by September,” Korea Times quoted an official from the intelligence unit as saying.

The meeting was organized as to address questions that exchanges have begun to address, especially concerning the government’s guidelines about business declarations and taxation.

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