The Financial Services Commission of South Korea will enhance customer verification for non-profit organizations and cryptocurrency exchanges.

According to Techub News, the Asia Economy reported that the Financial Services Commission (FSC) of South Korea plans to strengthen customer verification procedures for non-profit organizations and cryptocurrency exchanges to drop money laundering risks. This is a follow-up measure to the "Corporate Participation in the Virtual Asset Market Roadmap." Under this policy, virtual asset exchanges and banks issuing real-name accounts will specifically confirm and verify the purpose of transactions and the source of funds. In addition, starting from June, non-profit organizations and virtual asset exchanges will be allowed to sell virtual assets.

Techub News previously reported that the Financial Services Commission of South Korea announced that starting in June, non-profit organizations and virtual asset exchanges will be allowed to legally sell the virtual assets they hold, provided they establish an internal review mechanism and strengthen anti-money laundering audits. The crypto donation assets received by non-profit organizations must be "immediately liquidated" and are limited to mainstream coins on Korean won exchanges.