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South Korea Expands Crypto Identity Checks to All Transactions
South Korea Expands Crypto Identity Checks to All Transactions
BTCCSquare news:
South Korea's Financial Services Commission (FSC) will enforce identity verification for all cryptocurrency transfers, including those below 1 million won ($680). Chairman Lee Eun-woon announced the move at an anti-money laundering event, targeting a loophole that allowed users to bypass checks by splitting large transactions.
The new rules mandate traceability for every transfer, requiring exchanges to collect sender and recipient details. This crackdown on "smurfing" aims to disrupt illicit activities like money laundering and tax evasion. No cryptocurrencies or exchanges were specifically named in the announcement.
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