• 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

Hedera's HBAR Shows Signs of Steady Recovery

chest

Hedera's HBAR is gaining attention as it shows signs of a steady recovery after recent drops.

user avatarJesper Sørensen

ZKP Crypto Launches Daily Auction of 200 Million Coins

chest

ZKP crypto has introduced a daily auction model that releases 200 million coins every 24 hours, emphasizing community involvement and transparent distribution.

user avatarLucas Weissmann

Toncoin TON Leverages Telegram for Growth

chest

Toncoin benefits from its connection to Telegram, driving engagement and utility.

user avatarRajesh Kumar

Monero Surges to Multi-Year Highs Amidst Renewed Privacy Demand

chest

Monero's price recently surged to nearly 677, its highest point since 2018, reflecting over 60% growth in just the past month due to increasing concerns over surveillance and tighter regulations.

user avatarFilippo Romano

US Commerce Secretary Predicts Over 5% GDP Growth for Q1 2026

chest

US Commerce Secretary Howard Lutnick predicts over 5% GDP growth for Q1 2026, potentially reaching 6% with lower interest rates.

user avatarEmily Carter

Bitmine Achieves Overwhelming Stockholder Support for Proposals

chest

Bitmine received overwhelming stockholder approval for all four proposals, including a significant vote to increase authorized shares by 81%. This reflects growing investor trust and engagement with Bitmine, as stockholders support the company's ETH accumulation strategy.

user avatarTomas Novak

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.