Over the years, the crypto industry has witnessed increasing crimes using crypto assets. This is because transactions with virtual assets require no interference from third parties, making it easy for criminals to succeed.
However, more attention is coming from regulators to the crypto space. They aim to control the spread of criminal activities such as money laundering and terrorist financing using cryptocurrencies.
These objectives have propelled most watchdogs to set up regulatory frameworks to track and ensure compliance with anti-money laundering (AML).
Regulator Targets Customers With Large Crypto Holdings
The South Korean regulator has recently tightened its stance to maintain AML compliance in digital assets. As a result, the country’s financial regulator, the Financial Service Commission (FSC), is now focusing on crypto whales.
Its attention is on investors with assets worth more than 100…
