How South Korea Regulates Cryptocurrency and Why U.S. Lawyers and Investors Should Take Notice

The Republic of Korea has recently required investors to have bank accounts under their real names in cryptocurrency transactions and imposed anti-money laundering requirements on banks with those exchanges. According to South Korea’s Financial Services Commission, which issued the regulation, the law aims to “curb cryptocurrency speculation and prevent cryptocurrencies from being exploited for illegal activities.” The Cybersecurity Law Report spoke with Nicolas Morgan, a partner at Paul Hastings, about why this fairly straightforward development in the often complicated world of cryptocurrency is noteworthy. See “Virtual Currencies Present Significant Risk and Opportunity, Demanding Focus From Regulators, According to CFTC Chair” (Feb. 14, 2018).

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