One or two cryptocurrency exchanges will report their operations to the Financial Services Commission in August

Do Gyusang, vice chairman of the Financial Services Commission of South Korea, said that one or two cryptocurrency exchanges are expected to report their operations to financial authorities in August under the application of the Specified Financial Transactions Act (Special Provisions Act), according to the South Korean news agency Reuters on August 20.

When the vice chairman of the National Assembly Political Affairs Committee attended the plenary meeting of the same day, he responded to a question from a member of the Democratic Party of Korea about whether there is a problem with cryptocurrency exchanges, saying, “There is no such situation at present.” According to the Special Provisions Act, virtual currency exchanges that want to conduct business in South Korea must meet certain requirements and complete reports by the 24th of the following month, and after reporting the reports, they must fulfill their anti-money laundering obligations, such as reporting suspicious transactions.