PANews reports on May 20th, according to Asian Economic, the Korean Financial Services Commission (FSC) plans to strengthen customer verification procedures for non-profit organizations and cryptocurrency exchanges starting from June, at which time these entities will be allowed to sell digital assets.
To reduce money laundering risks, cryptocurrency exchanges and banks providing account services for cryptocurrency trading will be required to verify the source and purpose of funds for transactions involving non-profit organizations and other cryptocurrency exchanges. Exchanges must verify the source and intent of received cryptocurrency deposits, while banks must conduct the same verification for cryptocurrency sales proceeds withdrawn through verified accounts.
