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South Korea Prohibiting Withdrawals from Exchanges to Non-KYC Wallets Starting March 2022

South Korea Prohibiting Withdrawals from Exchanges to Non-KYC Wallets Starting March 2022

The South Korean authorities is prohibiting withdrawals from local cryptocurrency exchanges to non-KYC wallets such as MetaMask, starting next year, as per the local myth.

Regulators in the nation are imposing the commute rule when transferring resources from one venue to yet every other, requiring files of sender and recipient to be recorded in advise to prevent cash laundering and tax evasion, in compliance with the Global Anti-Money Laundering Group (FATF) regulations.

Now, basically basically based on the Particular Monetary Transaction Info Act (Particular Act), starting March 25 next year, all exchanges have to follow commute rules.

Exchanges might perhaps well be required to the identification of the pockets proprietor, and this files wants to be shared and kept between exchanges.

“In some unspecified time in the future, when exchanges transmit digital resources such as Bitcoin or Ethereum, ‘who sent and who obtained’ files are kept. Transfers will simplest be that it’s possible you’ll well doubtless furthermore mediate of between ‘licensed exchanges’.”

At show mask, four predominant crypto exchanges in the nation, Upbit, Bithumb, Korbit, and Coinone, meet authorities requirements and are allowed buying and selling in KRW. The absolute most reasonable crypto trade in Korea, Upbit is reportedly constructing its own commute rule solution called ‘VerifyVASP.’

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