The South Korean government is reportedly seeking to bring cryptocurrency exchanges under the direct supervision of the country’s Financial Intelligence Unit. This will obligate crypto exchanges to follow anti-money laundering directives like banks do. This is the first time a government agency has said it will oversee crypto exchanges.
The Korea Financial Intelligence Unit (FIU), under the supervision of the Financial Services Commission (FSC), recently held an Anti-Money Laundering Policy Advisory Committee meeting. The meeting was set up to discuss measures against money laundering and terrorism financing activities.