Korea encrypted monetary exchange follows Kornitone to identify the current budget.

Market analysts have said that major exchanges in the cryptocurrency market such as Upbit, Bithumb and Korbit will follow Coinone's lead and restrict trading to wallets.

Coinone announced yesterday that it will not accept deposits and withdrawals from unsecured wallets by January 24 in order to reduce the risk of money laundering. All exchanges in Korea, including 20 exchanges including Upbit, Bithumb, and Korbit, will use similar or similar metrics to Coinone no later than March 25. South Korea has created a trading period to accurately track trading on and off the platform.

Korean blockchain industry analyst Ahn Joon-hyeok told the Cointelegraph, “Korean exchanges have been developing their own policy mitigation approach to respond to the transaction since March.

"All exchanges in South Korea must use certain travel rules by March because the government has set a deadline. Coinone is only the first to do so."

The proposed changes will also help countries in the Far East to comply with the Financial Institutions Act (FATF).

According to Sygna, the financial protection program complies with the law, the travel law requires the government "to have a home exchange and partners to share personal information around the world."

These exchange laws are part of the restrictive process of cryptocurrency exchanges, which begins with forcing all users to use their real bank. Before the law came into force in 2018, cryptocurrency exchanges could be linked to bank accounts held by many people.

The exchange must pass the ISMS (Internet Security Management System) certification and bank subsidiaries that announce the real name by September 2021. All exchanges that do not comply with the requirement to be forced to cancel their partners commercial KRW or to terminate their services.

The country continues to work hard to resolve the issue of the FATF's international compliance with non-fungible tokens (NFTs). The Treasury Department was affected by the introduction of the NFT policy until its last announcement on November 24 that the Korea Financial Services Agency will seek a plan to oversee and pay taxes on NFTs.

In this world, the Korean Stock Exchange is a party that obeys these rules. So far, no other major cryptocurrency exchange has required users to identify their own wallets.