Korean crypto exchanges could soon face fines for gaps in due diligence measures

Cointelegraph

Published Mar 10, 2021 05:24AM ET

Updated Mar 11, 2021 06:40AM ET

South Korean crypto exchanges that don't take extensive data collection and identity verification measures could soon be subject to heavy fines.

According to an official announcement Wednesday, South Korea’s Financial Services Commission has come up with a revised proposal for the regulation of virtual assets service providers, or VASPs.

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