The Financial Services Commission (FSC) of South Korea announces strengthened KYC/AML requirements for cryptocurrency exchanges and banks

According to The Block, the Financial Services Commission (FSC) of South Korea has announced the strengthening of KYC/AML requirements for cryptocurrency exchanges and banks in preparation for the upcoming institutional investment lifting. Starting from June 2025, non-profit organizations can sell cryptocurrencies obtained from donations, and registered exchanges can clear fees paid by users in encrypted form. South Korea plans to allow listed companies and professional investors to participate in cryptocurrency trading in the second half of 2025. As one of the world's largest cryptocurrency markets, about 20% of South Korea's population participates in cryptocurrency trading, with a daily trading volume of 5.26 billion US dollars. Cryptocurrency policy has become a focus of the upcoming presidential election, with major candidates supporting the lifting of the ban on spot cryptocurrency ETFs.