According to CoinJournal, crypto exchanges must comply with anti-money laundering standards to avoid penalties. Those standards will come into effect on April 20. Otherwise, providers could expect penalties between 30 million won (around $26,000) and 100 million won (around $88,000), the source says.

To prevent money laundering, the government will require all crypto exchanges to cooperate with banks. This is to ensure that clients trade using accounts under their real names, writes Cointelegraph. However, meeting the new compliance regulations could be very costly. In addition, using the services of third parties could cause privacy concerns.

Following the introduction of the new regulations, which took effect today, March 25, crypto exchange OKEx decided to discontinue its operations in South Korea. According to Forkast News, its users must withdraw their funds from the exchange by April 7 to prevent themselves from losing their holdings.  

Earlier this month, the National Tax Service (NTS) caught 2,416 individuals who were evading paying taxes by hiding their income in cryptocurrency. The total earnings not reported reached over 36 billion won (more than $32 million).

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Dogecoin is a “fun” open-source digital currency, with a Shiba Inu dog from memes as its mascot. Its price has been very volatile in the past month, affected by tweets from Elon Musk. Moreover, there was support from other sources like WallStreetBets on Reddit and stars like Gene Simmons.

Tesla’s CEO tweeting about Dogecoin has become a norm. As a result, allegedly the US Securities and Exchange Commission (SEC) could investigate him for his comments on the coin. Musk openly expresses his opinion on DOGE, calling it his favorite and “the crypto of the people.” His Twitter posts spark a Dogecoin discussion even without mentioning the coin explicitly.  

With so much hype around Dogecoin, it has become the most discussed cryptocurrency on Twitter in February, according to the infographic by ICO Analysis. Even Bitcoin, enjoying a 10.1% share of mentions, gave away first place to DOGE with 10.4% of mentions.

DOGE hit an all-time high of about $0.084 on February 8 and has lost over 40% in value since then. The coin is now trading at around $0.050.          

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