South Korea’s Pioneering 2024 Work Plan
South Korea has introduced a new ‘2024 Work Plan,’ a move that seeks to reshape the crypto industry. The plan focuses on eradicating oversight and tackling money laundering in the virtual asset sector.
Strengthening Oversight: FIU’s Decisive Steps
The Financial Intelligence Unit (FIU) is strengthening its oversight of virtual asset exchanges, aiming to expel ineligible exchanges from the Korean won market. It plans to introduce a preemptive transaction suspension system to address suspicious transactions swiftly and expand reporting requirements and screening processes. This is in line with global Financial Action Task Force (FATF) guidelines.
Embracing FATF Guidelines
FIU is also adopting FATF guidelines to implement preemptive suspension systems for suspicious transactions, aligning with international best practices. The plan reflects South Korea’s commitment to fighting financial crime and ensuring the integrity of the crypto market.
Changes Proposed
The Financial Services Commission (FSC) in South Korea proposes amendments for regulatory oversight. This includes new executives at crypto companies obtaining regulatory approval and granting more authority to the financial watchdog.
Making Changes – One Step at a Time
South Korea’s proactive stance aims to curb market manipulation, illegal trading practices, and money laundering in the crypto market. The new era of responsibility and accountability is ushering in a new phase in the industry.
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