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South Korean lawmakers push back against controversial “know-the-sender” rule
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South Korea’s crypto community coul soon face stringent reporting requirements on all cryptocurrency transactions, with the country’s National Assembly currently debating whether “know-the sender” (KTS) rules should be imposed.
Arguments against the proposed KTS rule were heard before the Political Affairs Committee of South Korea’s legislature on Nov. 16, with lawmakers and industry experts pushing back against the proposed legislation.
If written into law, the KTS rule would stipulate that businesses which receive any crypto assets must verify and report the name of the issuer and their location. In the case of business-to-business transactions, the issuer’s legal status and number of employees must be reported also.
Choi Hwa-In of the
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