Saturday, May 25, 2024

NFT and DeFi Regulations coming to South Korea

According to a South Korean financial regulatory chief, NFT and DeFi regulations are coming. The Crypto community in South Korea is concerned about new possible regulations. The Crypto industry is afraid of restrictive regulations.

Head of the Financial Intelligence Unit (FIU), Kim Jeong-gak, said in an interview that they are following the developments in the recommendations from the Financial Action Task Force (FATF) about DeFi and NFT’s. Jeong-gak said that the country strives for international consistency and therefore they’ll have to take some actions.

In his interview with Maeil Kyungjae, head of the FIU Kim Jeong-gak also said:
“We will consider how to [regulate the two sectors] with related ministries and reflect these [decisions] with [amended] financial law.”

Jeong-gak also threatened the crypto exchange sector, which is already going through a crackdown. The head of FIU said that the FIU wants to “manage and supervise virtual currency exchanges under the same strict standards as banks.” He mentioned that money laundering is more likely to happen in the crypto market than in big financial institutes.

Just two exchanges have received the full operating permits: Korbit and Upbit. The full operating permits for Coinone and Bithumb are still under review. The other South Korean crypto exchanges have been closed or offer crypto-only trading.

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