Together with my Kobre & Kim colleagues Michael S. Kim and Daniel S. Lee, I gave an update on South Korea's crypto regulations on Asia Business Law Journal:
A Comparison of Developments in Crypto Law in South Korea [Asia Business Law Journal]On 7 March 2019, the FSC announced that it would focus on passing the amendment to the Act on Reporting and Using Specified Financial Transaction Information, initially proposed on 21 March 2018. The proposed amendment, if passed, would significantly strengthen the banks’ discretion to cease doing business with cryptocurrency exchanges based on concerns over money laundering or terrorism funding.
Market participants have criticized this proposal, claiming it would effectively mean a death sentence for all but the largest exchanges, as mid-sized exchanges would be unable to comply with the rigorous legal requirements.
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