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According to the press reportsregulators in South Korea are asking banks to provide them with information about accounts they hold for crypto businesses. The move is part of an effort to gauge the size of the local crypto market before the Korean crypto exchange’s September registration deadline expires or face closure.
The Korean government hopes to be able to identify any under-the-radar exchanges operating in the country by having banks hand over account information they hold for crypto exchanges. As we noticed last weekhead of the South Korean Financial Services Commission recently warned that the government will not hesitate to close down any exchanges that fail to meet the September 24 registration deadline.
This is not the first time that regulators have sought information about the crypto industry from banks. in April, Argentine government asked banks to provide information about crypto exchanges as well. In September 2020, the former director of the US Treasury’s Financial Crimes Enforcement Network (FinCEN). warned the banks that they must be able to identify their exposure to crypto-asset transactions as part of their anti-money laundering obligations.
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🇺🇸 IRS gains access to Kraken transactions
This week a court in California granted the request by the Internal Revenue Service (IRS) to access transaction records at cryptocurrency exchange giant Kraken. The “John Doe” subpoena will require Kraken to give the IRS — which seeks to crack down on cryptocurrency tax fraud — information on all Kraken customers who made transactions totaling $20,000 or more between 2016 and 2020. received similar access in 2018 to information about Coinbase users.
🇹🇷 Turkey applies AML regulations to crypto exchanges
On May 1, Turkey issued a decree demanding that crypto exchanges are in compliance with AML requirements with immediate effect. Everything transactions over $1,200 he will also have to report to the government. The announcement follows the recent closure of two local exchanges suspected of stealing client funds.
🇹🇠Thailand will require strict KYC on crypto exchanges
Since September, KYC crypto businesses in Thailand they will need to verify the client ID using a document validation system that requires customers to be physically present. The stated goal is to create a more stringent fraud defense than the usual completely remote customer onboarding processes on most crypto exchanges.
🇧🇸 Bahamas plans to push Sand Dollar
Central Bank of the Bahamas this year they will take the initiative deepen adoption of Sand Dollar, its central bank digital currency (CBDC) launched in October 2020.
Missed our last week’s update? See here: US Terminates Bitcoin Fog Mixing Service
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