South Korea is considering blocking cryptocurrency platforms that have not registered in the country, such as BitMEX and KuCoin. This is part of efforts to ensure compliance in the crypto industry.
Regulation of Crypto Exchanges in South Korea
In South Korea, crypto companies must report their operations as Virtual Asset Service Providers (VASPs) according to the Specified Financial Information Act. Failure to do so could result in sanctions.
Plans to Block Access to Exchanges
South Korean authorities are discussing measures to block access to listed exchanges. Specific actions are expected to be taken this year to safeguard users.
Balancing User Protection and Innovation Support
With a high percentage of crypto asset owners in the country, the government aims to balance support for innovations and user safety. This involves strict oversight of exchange activities and compliance with regulations.
South Korea is moving towards creating stricter regulatory frameworks for the cryptocurrency market to ensure user safety without compromising the development of innovative technologies.
