The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation.
Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time
During an interview with Hanguk Hyungjae, Heo Baek-young made an apocalyptic forecast for the local crypto firms. He believes that smaller companies could “struggle” to meet the Information Security Management System (ISMS) certification requirements.
In South Korea, there are almost 50 crypto exchanges in operation as of press time. Upcoming regulations will become effective in March, but firms have been given a six-month grace period to meet the required measures.
The amended Special Financial Transactions Information Act was approved by the National Assembly finance committee in November last year.
Under the framework, crypto exchanges are…