South Korea has increasingly become the leading crypto regulatory nation by bringing crypto exchanges and businesses under the purview of the law. The country became one of the first to introduce the latest Anti-Money-Laundering (AML) regulations that led to the closure of hundreds of small and medium crypto exchanges.
In a bid to eliminate crypto use for illicit activities and money laundering, now South Korea is planning to ban all virtual currency transactions originating from anonymous sources. The country’s regulatory body has prosed a new “Travel Solutions Rule.”
Korean Gov: I'm going to prohibit withdrawals from Korean exchanges to non-KYC'd wallets like METAMASK by March 2022.
Degens: So no more DeFi, NFT, DAO for Koreans? ??
Korean Gov: No exceptions. Every blockchain wallet must be KYC'd.
