March 6, 2020 South Korea’s legislature has expanded the regulation of cryptoasset service providers.

South Korean virtual asset service providers (VASPs), including cryptoasset exchanges, will soon be subject to enhanced regulations, following the passage of a new bill on Thursday. The legislation increases the compliance that service providers must undertake to combat money-laundering and terrorism. Specifically, exchanges must now officially register with the country’s regulators and establish partnerships with exactly one bank per exchange while also linking bank accounts with cryptoasset wallets in order to identify users by their real-world name. The new bill will pass into law should the country’s president sign the legislation within 15 days.