Crypto-world Laws- A tougher stance from South Asian regulators

Two different law-makers in the same continent have just given spins to their sticks and carrots concerning the crypto-currency affairs.

In Thailand, a framework from the Security and Exchange Commission is ushering in laws covering ICOs (reversing a recent ban), approving crypto-currency trading pairs and licensing fees for market operators.
In South Korea, crypto-currency exchanges (did you read about the new hot-hack) could be regulated like banks, Anti-Money Laundering (AML) policies may come into play, KYC (Know Your Customer) norms would not be limited to banks and terrorist financing prevention regulations would not slip through holes from now on.
Korea Financial Intelligence Unit (KFIU) and other local financial agencies are towing the line that regulators in the US and Japan have already started treading. As stated by a KFIU spokesperson: “Under current regulations, there are clear limitations in preventing money laundering on crypto exchanges because the only way authorities can spot suspicious transactions is through banks…”
Recently enough, in an unexpected move, Japan’s Financial Services Agency (FSA) barred a crypto exchange from receiving an operating license over inadequate verification in case of suspect transactions. The country, while famous for its open posture to new-gen fintech, has gotten stringent on AML and KYC compliance, with a trading-ban on anonymity-oriented altcoins.


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