South Korea's financial regulator FIU has confirmed that privacy cryptocurrencies will be banned in Korea. The financial regulators believe that cryptocurrencies have a high risk and are often used in money laundering.
FIU is the body that deals with the regulation of anti-money laundering (AML) laws in South Korea. FIU has confirmed that domestic crypto exchanges will remove cryptocurrencies (delist) from the exchange list. The cryptocurrency privacy ban will take effect from March 2021.
The financial body will ban cryptocurrencies such as Monero (XMR) and Zcash (ZEC). Monero is a privacy-focused currency, launched in April 2014. Monero runs its own POW algorithm called Cryptonight. Monero can keep all transactions confidential and invisible to the blockchain.
Previously, OKEx South Korea removed personal cryptocurrencies such as Zcash (ZEC), Monero (XMR), DASH (DASH), Horizen (ZEN), and Super Bitcoin (SBTC) in September 2019. However, crypto exchange companies are still delaying the deletion of crypto Zcash and Dash.
The financial regulatory body also requires exchange companies to report any unexpected transactions within three working days.
