• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

South Korea to inspect crypto exchanges for suspicious transactions

user avatar

by Giorgi Kostiuk

a year ago


  1. South Korea's Crypto Regulation
  2. Investor Protection Measures
  3. Global Regulatory Trends

  4. South Korea’s financial regulator, the Financial Supervisory Service (FSS), will reportedly begin inspecting virtual asset exchanges for any suspicious or illegal transactions. The regulator aims to enforce market order and is prepared to advocate for regulatory revisions to address system deficiencies.

    South Korea's Crypto Regulation

    On July 19, South Korea’s 'Virtual Asset User Protection Act' came into effect, which includes measures such as insuring against hacks and malicious attacks on user crypto assets and keeping customer assets separate from the exchange’s assets.

    Investor Protection Measures

    The Financial Supervisory Service is authorized to inspect Virtual Asset Service Providers (VASPs) for compliance with their duties to protect users. The Financial Services Commission (FSC) is authorized to bring sanctions against rule-breakers, including issuing corrective orders, suspensions, and administrative fines.

    The FSS is authorized to inspect VASPs for compliance with their duties to protect users, and the FSC is authorized to bring sanctions against rule-breakers by making corrective orders, issuing suspension of business operation, imposing administrative fines, and so on.Financial Supervisory Service

    Global Regulatory Trends

    Alongside South Korea, several jurisdictions across the world are increasing scrutiny of digital asset trading platforms to protect crypto assets. In Hong Kong, operating an unlicensed virtual asset trading platform became a criminal offense as of June 1. In the UK, Coinbase’s local arm was fined $4.5 million for breaches related to user onboarding.

    Regulation and the protection of cryptocurrency users have become increasingly relevant topics on the international stage. South Korea continues to refine its measures to ensure security and transparency in the cryptocurrency sector.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Kalshi Hits $1 Billion Monthly Volume Amid Legal Challenges

chest

Kalshi has surpassed $1 billion in monthly trading volume, becoming a leader in the prediction market, while facing legal challenges from state regulators regarding its operations.

Nguyen Van Long

PayPal's PYUSD Stablecoin Expands to Nine New Blockchains

chest

PayPal's PYUSD stablecoin has expanded its reach to nine new blockchains, including Abstract, Aptos, Avalanche, Ink, Sei, Stable, and Tron, following the unveiling of additional support by LayerZero, an interoperability protocol.

Satoshi Nakamura

PayPal Introduces Peer-to-Peer Payments in Cryptocurrencies

chest

PayPal announced the launch of PayPal Links, enabling peer-to-peer payments in Bitcoin, Ethereum, and PYUSD, starting in the US with plans for international expansion.

Jesper Sørensen

Understanding the Risks of Bitcoin-Denominated Prediction Markets

chest

In his recent paper, Fedor Shabashev discusses the various risks and challenges associated with Bitcoin-denominated prediction markets, highlighting concerns such as Bitcoin's volatility and regulatory issues.

Filippo Romano

Base Hosts Diverse Ecosystem of Applications

chest

Base has become home to a wide range of applications across DeFi, gaming, and consumer sectors.

Иван Смирнов

CrowdStrike Shares Surge After Positive Revenue Forecast

chest

CrowdStrike's stock rose over 12% following a better-than-expected revenue forecast for fiscal 2027.

Wei Zhang

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.