South Korea Considers Specific Regulations for Cryptocurrency Mixers to Combat Money Laundering

South Korean financial authorities are contemplating the introduction of targeted regulatory measures for cryptocurrency mixers to address concerns over their misuse in money laundering by criminal organizations. The Financial Intelligence Unit (FIU) of South Korea’s Financial Services Commission is leading the examination of potential regulatory frameworks. Cryptocurrency mixers, originally designed for privacy protection, have increasingly been exploited for illicit financial activities. The absence of specific sanctions against mixers in South Korea has raised the risk of their use in money laundering, prompting proposed regulations that could restrict virtual asset service providers from engaging in mixer-based transactions. (Source: Coinslate)