More than 60 cryptocurrency exchanges currently operating in the Republic of South Korea will have difficulty complying with the new rules. These come into force on September 24, and some virtual retail floors will end.
By Friday, September 24, cryptocurrency exchanges that want to continue to operate in the South Korean market must register with the tax office to obtain the necessary security certificate. Without it, it must end its activities after September 24. Cryptocurrency exchange operators must also enter into a partnership with one of the banks by the same date, otherwise they will be prohibited from conducting financial operations in South Korean won.
The aim of the new regulation is to ensure that only real people trade in cryptocurrencies. However, it is already practically certain that almost 40 cryptocurrency exchanges, which have been operating on the South Korean market so far, will have to close. They will not have time to comply with the new rules. Another 28 have already obtained a security certificate, but have not managed to conclude cooperation with one of the banks. Only four exchanges will comply with the rules. These will be able to work without problems even after September 24.