After many debates South Korea finally fully legalized cryptocurrencies on its territory by passing a new legislation that requires all crypto exchanges to get a license from the local financial regulator - the Financial Services Commission (FSC) of South Korea and the Korea Internet & Security Agency (KISA). The new legislation is called the Special Financial Information Law and according to it all such companies are required to follow the anti- money laundering (AML) and counter- terror financing (CTF) provisions recommended by the the Financial Action Task Force (FATF). Right now there are only six exchanges in the country that are registered with the Korea Internet & Security Agency, namely pBit, Bithumb, Coinone, Korbit, Gopax, and Hanbitco. I have little doubt that many others will file for licenses now.