The government reported the skeptical market for cryptocurrencies to financial companies in 3 days

According to FinanceMagnates, the South Korean government plans to introduce more stringent regulations to track the country's illegal cryptocurrency trading due to concerns over "kimchi compliance." The Financial Services Commission (FSC) has called on financial institutions, including cryptocurrency exchanges, to step up their efforts to spot illegal transactions in cryptocurrency. Home-based financial institutions are required to report any business-related uncertainties to the Korea Financial Research Institute (KoFIU) within 3 days. The FIU will conduct joint research with the police and tax authorities. In the past, regulators such as the Bureau of Financial Assistance, the Ministry of Strategy and Finance, and the Ministry of Justice held a meeting to discuss virtual commerce on April 7 and announced that the government will focus on eliminating illegal activity in cryptocurrency. industry.