• 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

Brett Attracts Speculative Traders with Volume Spikes

chest

Brett shows significant trading activity and speculative interest, appealing to short-term traders.

user avatarZainab Kamara

Solana Leadership Proposes Disinflation Measures to Address Market Decline

chest

Solana's leadership proposes to double the disinflation rate to 30% per annum to address a significant drop in market interest and stabilize long-term engagement from investors.

user avatarSon Min-ho

Intuit collaborates with Circle for USDC integration.

chest

Intuit has partnered with Circle to integrate USDC into its platforms for faster payments.

user avatarTando Nkube

Forward Industries Tokenizes SEC-Registered Shares on Solana

chest

Forward Industries has tokenized its SEC-registered FWDI shares on the Solana blockchain, allowing ex-US holders to use them as DeFi collateral.

user avatarAyman Ben Youssef

ECB Holds Rates Steady While Prioritizing Digital Euro

chest

ECB President Christine Lagarde announces the decision to maintain interest rates at 2% while focusing on the rollout of the digital euro.

user avatarKofi Adjeman

US Senate Confirms Crypto-Friendly Leaders for CFTC and FDIC

chest

The US Senate confirms Mike Selig as CFTC chair and Travis Hill as FDIC chair, signaling a supportive stance towards cryptocurrency regulation.

user avatarJesper Sørensen

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.