• 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

2 years 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

Morgan Stanley's Amy Oldenburg Discusses Bitcoin on Bank Balance Sheets

chest

Amy Oldenburg from Morgan Stanley suggests that major banks may consider holding Bitcoin as a treasury asset in the future, contingent on regulatory progress.

user avatarAisha Farooq

Mistral AI Unveils New Model Amidst Mixed Reactions

chest

Mistral AI has launched its new model, Mistral Medium 35, featuring a 128-billion-parameter architecture and innovative tools, but faces skepticism due to underwhelming benchmark performance.

user avatarTenzin Dorje

Crypto Analyst Warns of Imminent Bitcoin Price Crash

chest

A crypto analyst warns Bitcoin investors to sell before a predicted price crash, potentially dropping to the 40,000 range.

user avatarBayarjavkhlan Ganbaatar

Canonical Responds to User Concerns Over AI Features

chest

Canonical addresses user concerns over AI features in Ubuntu, emphasizing privacy and user control.

user avatarElias Mukuru

User Backlash Against Ubuntu's AI Feature Announcement

chest

Ubuntu users express dissatisfaction with Canonical's plans to integrate AI features into the operating system, fearing a shift towards unwanted functionalities similar to those in Windows.

user avatarMohamed Farouk

Bitcoin's 2618 Pattern Activated Amidst Market Corrections

chest

The long-anticipated 2618 pattern for Bitcoin has officially activated, indicating a potential corrective phase in the market.

user avatarDiego Alvarez

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.