• 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

SpaceX Pre-IPO Tokenized Offerings Canceled Due to Allocation Issues

chest

Several crypto platforms canceled SpaceX pre-IPO tokenized offerings due to failed share allocation, leading to refunds for customers.

user avatarMiguel Rodriguez

Arbitrum Governance Proposes Major Funding for Foundation

chest

Arbitrum governance is evaluating a funding proposal for the Arbitrum Foundation, seeking 16 million in real-world assets, 1,700 ETH, and 230 million ARB tokens to support its operations for another year.

user avatarLuis Flores

Crypto Scammers Target 2026 World Cup Fans

chest

TRM Labs warns of emerging crypto scams targeting fans of the 2026 World Cup, including fake ticketing and speculative tokens.

user avatarArif Mukhtar

Ethereum Researchers Introduce SPHINCS for Quantum-Resistant Signatures

chest

Ethereum researchers introduce SPHINCS, a post-quantum signature design for enhancing wallet security against quantum computing threats.

user avatarDavid Robinson

Bitcoin Faces Major Liquidation Event Amid Price Fluctuations

chest

Bitcoin traders faced significant liquidations as the price fluctuated sharply, resulting in nearly $980 million in liquidations within 24 hours.

user avatarMaria Gutierrez

Sky Governance Forum Emphasizes Editorial Policy

chest

The Sky Governance Forum has established a strict editorial policy that focuses on accuracy, relevance, and impartiality.

user avatarAndrew Smith

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.