KFTC to Monitor Users with Virtual Assets over $500,000

Oct 24,2022
KingData News: According to a report cited by News1, the Korea Financial Commission believes that tokens and stablecoins listed on a single exchange are likely to be laundered, and therefore to prevent money laundering, the proportion of tokens and stablecoins listed on a single exchange on a virtual asset exchange should be investigated, and the greater the proportion, the higher the risk of money laundering. The KFTC believes that it is necessary to monitor the size and trend of virtual assets held by customers who deposit high amounts of virtual assets by multiplying the amount of virtual assets held by each customer by the closing price of the virtual assets at the end of the previous quarter, categorized as "100 million to 300 million won" (approximately 500,000 to 1.5 million RMB), "300 million to 500 million won", and "500 million won or more".
This index tracks global regulatory move targeted at cryptocurrency and blockchain industry.