PANews reported on May 20 that according to the Asia Economy, the South Korean Financial Services Commission (FSC) plans to strengthen customer verification procedures for non-profit organizations and cryptocurrency exchanges from June, when these entities will be allowed to sell digital assets.

To reduce the risk of money laundering, cryptocurrency exchanges and banks that provide account opening services for cryptocurrency transactions will be required to verify the source and purpose of funds for transactions involving non-profit organizations and other cryptocurrency exchanges. Exchanges must verify the source and intention of cryptocurrency deposits received, while banks must do the same for cryptocurrency sales proceeds withdrawn through verified accounts.