South Korea’s financial sector plans to formulate regulatory rules for virtual asset mixers

The South Korean financial authorities are developing regulatory rules for encrypted assets "mixers" that are being misused by illegal organizations as a means of money laundering. A spokesperson for the Financial Information Analysis Institute (FIU) of the South Korean Financial Services Commission said: "If encrypted assets are put into a mixer, it will be very difficult to track funds and monitor crimes. We believe that the risk of money laundering through mixers is very high. After the United States introduced mixer regulations last year, South Korea also began to consider this. Regulating encrypted asset mixers requires international cooperation."