Korean Government Says 28 Crypto Exchanges Have Met Regulatory Requirements to Continue Operations


South Korea’s financial authorities have released a list of 28 cryptocurrency exchanges that have met the regulatory requirements to stay open past Sept. 24 under the country’s new crypto regulations.


The amended Act on Reporting and Using Specified Financial Transaction Information requires cryptocurrency exchanges to obtain Information Security Management System (ISMS) certification by Sept. 24 and report to the Financial Intelligence Unit (FIU), a division of the Financial Services Commission (FSC). Crypto exchanges that fail to do so must cease operations by Sept. 24.


Jeon Yo-seop, head of FIU’s Planning and Coordination Office, explained that given the approaching deadline:


It is unlikely that there will be additional certified virtual asset trading platforms.