The Korea Financial Intelligence and Analysis Agency (KOFIA) requires an encrypted exchange to submit a legal person account record

THE KOREA FINANCIAL INTELLIGENCE AND ANALYSIS AGENCY (FIU) HAS RECENTLY REQUESTED THE LEADING KOREA WON ENCRYPTION EXCHANGE TO SUBMIT THE HOLDING OF KOREAN WON CASH, FUNDS RETURN RECORDS AND RELATED BUSINESS READINESS IN THE ACCOUNTS OF LEGAL PERSONS IN ORDER TO INCREASE BUSINESS PARTICIPATION IN THE ENCRYPTED MARKET. IN ACCORDANCE WITH THE ROAD MAP PREVIOUSLY PUBLISHED IN KOREA, PHASE II IS INTENDED TO ALLOW APPROXIMATELY 3,500 LISTED COMPANIES AND REGISTERED LEGAL ENTITIES OF PROFESSIONAL INVESTORS TO CONDUCT A PILOT TRADE IN ENCRYPTED ASSETS. THE FORMAL TIME OF IMPLEMENTATION HAS YET TO BE DETERMINED AND THE REGULATORY AUTHORITIES WILL ALSO STRENGTHEN THE REQUIREMENTS FOR BANK SCRUTINY OF THE PURPOSE OF THE TRANSACTION, THE SOURCE OF FUNDING AND THE ANTI-MONEY-LAUNDERING (AML)。