The Korea Financial Commission has issued revised regulation on the control of money-laundering of virtual assets

According to digital Asset, the Financial Intelligence Analysis Unit (FIU) of the Korea Finance Commission has published revised regulations on virtual asset money-laundering to further clarify the rules for the transfer of individual wallets and overseas exchanges. For individual wallets, high-risk transactions will be restricted, while in non-high-risk cases only the transfer of wallets to an overseas exchange will in principle be allowed to be classified as low, medium and high on a risk basis, low-risk platforms will be able to make regular transfers after meeting information acquisition and anti-money-laundering requirements, high-risk platforms will be required to restrict transactions and the rest will be allowed to transfer only between accounts in their own name. The new regulations entered into force on 20 August, but the requirements for individual wallets and overseas exchanges are expected to be formally implemented around February next year。