South Korea May Shut Down All Crypto Exchanges By CoinQuora

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South Korea can close all crypto exchanges

  • The chairman of the Financial Services Commission announced that all crypto exchanges could be closed.
  • No registrations completed according to the new legal requirements.
  • There are an estimated 200 crypto exchanges that could be affected.

South Korea’s top financial regulator has suggested that all crypto exchanges in the country could be closed by the fall of this year due to failure to comply with new laws.

Eun Sung-soo, chairman of the Financial Services Commission, released the news on April 22nd. He made this remark in a meeting of the Political Committee of the National Assembly. He noted that the agency had not yet received any Virtual Assets Service Provider (VASP) applications.

The agency has applied for registration under a recently amended law that will come into effect later this year. In particular, South Korea has recently tightened its rules on cryptocurrencies.

In his statement, Eun added, “There are an estimated 200 cryptocurrency exchanges in the country, but if …

This article was first published on coinquora.com

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