South Korean financial regulatory agency will strengthen customer verification for non-profit organizations and cryptocurrency exchanges

According to the Asian Economy, the Financial Services Commission (FSC) of South Korea plans to strengthen customer verification procedures for non-profit organizations and cryptocurrency exchanges starting from June, at which point these entities will be allowed to sell digital assets. To reduce the risk of money laundering, cryptocurrency exchanges and banks providing account opening 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cryptocurrency deposits, while banks must conduct the same verification on the proceeds of cryptocurrency sales withdrawn through verified accounts.