• 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

US Senate Rejects Resolution to Limit Military Authority Amid Prediction Market Scrutiny

chest

The US Senate rejected a bipartisan resolution to limit President Trump's military authority regarding Iran, amid concerns over prediction markets that profit from military actions.

user avatarNguyen Van Long

Senator Murphy Calls for Ban on Prediction Markets Amid Insider Trading Allegations

chest

Senator Chris Murphy calls for a ban on prediction markets amid allegations of insider trading related to bets placed before US strikes on Iran.

user avatarSatoshi Nakamura

Solana Faces Resistance and Support Levels

chest

Solana's price is encountering resistance near the 92 level, with key support levels identified.

user avatarJesper Sørensen

American Bitcoin Expands Mining Capacity

chest

American Bitcoin has acquired an additional 11,000 mining machines to enhance its operational capacity.

user avatarRajesh Kumar

American Bitcoin Mining Operation Accumulates BTC

chest

American Bitcoin, associated with the Trump family, is actively mining and holding Bitcoin instead of selling it.

user avatarLucas Weissmann

Canadian Police Issue Warning on Crypto Recovery Scams Using RCMP Branding

chest

Canadian police warn about fraudsters using RCMP logo to exploit victims of cryptocurrency scams.

user avatarFilippo Romano

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.