The Financial Services Commission of South Korea (FSC) connected the possibility of admitting foreign investment in the national crypto with an increase in the level of security and transparency of local crypto -streaks.

The head of the FSC virtual assets department, Kim Sung-Jin, said that the regulator “generally agrees” with the fact that foreign investors in the future can be accessed to the South Korean cryptocurrency market. The FSC official said that now the supervisory authority is working on new legislation on crypto regulation.

Since 2022, in South Korea has been introduced Rule Travel Rule, obliging cryptocurrency exchanges, inform the authorities about the transactions of citizens of the country with a volume of more than 1 million won ($ 681). At the same time, large crypto platforms, such as Upbit, voluntarily distributed the Travel Rule rule and smaller amounts.

However, according to the head of the FSC department, the South Korean digital sites have not yet fully comply with the fullest the main condition for the admission of international investors to trade in the national crypto-readiness to strictly comply with the requirements of laundering (Anti-Money Laundering).

The financial intelligence department (FIU) FSC has repeatedly identified aml violations. In January, the UPBIT exchange was warning the regulator about the possible suspension of work due to non-compliance with the Aml Rules and the Know Client (KYC) procedure-although the application of the sanction was avoided. In March, FIU launched an investigation against Kucoin and Bitmex, suspected of violation of requirements due to the lack of registration as suppliers of virtual assets (VASP) services.