South Korea has implemented a rule that does not allow cryptocurrency depositing without having a verified bank account. Foreigners and minors are prohibited from both depositing and withdrawing cryptocurrencies.
The Act on Reporting and Using Specified Financial Transaction Information, requires financial institutions to report suspect financial transactions that are possibly involved in money laundering.
On August 2019, South Korea declared a Busan a “regulation-free” zone for blockchain, lifting a total of 11 regulations.
