South Korea is moving to adopt a global guideline on cryptocurrencies.

Under the guideline, cryptocurrency exchanges must either get permission or report and register themselves with the regulators.

People with criminal records could not deal in cryptocurrency business. Cryptocurrency exchanges must abide by the global anti-money laundering rules.

Cryptocurrency exchanges must record who buy, sell, and send cryptocurrencies. They must submit those data, if necessary, to the regulators. The rule is to prevent the use of cryptocurrencies for criminal financing and money laundering.

The Financial Intelligence Unit of the Financial Supervisory Commission announced that the third Financial Action Task Force (FATF) members adopt the global guideline on cryptocurrencies. Representatives of the global anti-money laundering body got together in Orlando, Florida from Aug. 16 through 21.

The South Korean National Assembly is to review the bills on cryptocurrencies and is likely to pass them in keeping with the FATF guideline.

It may take more than one year for the cryptocurrency law to become active after the National Assembly passes the bill.