South Korea Intends to Control the Activity of Cryptocurrency Whales

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The Financial Services Commission of South Korea (FSC), the regulator of the country, plans to start tracking the transactions of users whose assets exceed about $70,000 as part of the fight against money laundering.

These clients must report quarterly any significant changes in their accounts. It is important to note that the initiative is linked to the new AML guidelines.

The FSC has directly linked the risks of violation of anti-money laundering legislation with the share of digital assets and stablecoins.

The regulator filed in August charges against 16 foreign cryptocurrency platforms for providing services to residents without registration.