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Korean Government Approves Crypto AML Rule Set to Come Online Thursday
Crypto companies have until September to register with financial regulators.
By Danny Nelson
Updated Sep 14, 2021, 12:30 p.m. Published Mar 22, 2021, 6:39 p.m.
South Korea's anti-money laundering safeguards for cryptocurrency businesses will come into effect Thursday after cabinet officials approved a series of amendments last week, according to the Financial Services Commission (FSC).
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- Registered Virtual Asset Service Providers (VASPs) must file suspicious transaction reports with the FSC, subject themselves to compliance inspections and verify their customers' identities beginning March 25.
- Crypto firms engaging in custody, trading, sales, exchange and digital wallet services have a six-month grace period to register with the FSC before facing potential sanctions for non-compliance beginning in late September, FSC said.
- FSC first called for crypto-focused updates to the country's AML framework in November 2020 in an attempt to get on track with the Financial Action Task Force's crypto oversight regime.
- South Korea's National Assembly voted in favor of the update on March 5. Cabinet officials gave the law the green light on March 17.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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- Barclays forecasts lower crypto trading volumes in 2026, with no clear catalysts to revive market activity.
- Spot market slowdowns pose revenue challenges for retail-focused platforms like Coinbase and Robinhood, the bank said.
- Regulatory clarity, including pending market structure legislation, could shape long-term market growth despite near-term headwinds.
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