• 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

Wider Crackdown on Crypto Mixers Following Samourai Case

chest

The Samourai Wallet case is part of a broader US effort to regulate crypto services that promise anonymity.

user avatarMiguel Rodriguez

Galaxy Invests $10 Million in WisdomTree Government Money Market Digital Fund

chest

Galaxy has pledged to invest $10 million into the WisdomTree Government Money Market Digital Fund as part of a partnership aimed at enhancing yield opportunities.

user avatarMaria Gutierrez

European Central Bank Advances Digital Euro and Identity Framework

chest

The European Central Bank is preparing pilots for the digital euro by 2027, coinciding with the EU's digital identity framework implementation.

user avatarArif Mukhtar

TradeZero Expands into Europe with New Brokerage Launch

chest

TradeZero has launched TradeZero Europe BV, expanding its brokerage services into the European market, allowing traders in the Netherlands to access US equities and options.

user avatarLuis Flores

Sam Bankman-Fried Seeks Presidential Pardon Amid Legal Troubles

chest

Sam Bankman-Fried is reportedly seeking a presidential pardon from Donald Trump after his conviction, aligning with Republican politicians to gain favor.

user avatarAndrew Smith

Sequans Sells 970 Bitcoin to Reduce Debt

chest

Sequans has divested 970 Bitcoin to significantly decrease its convertible debt from $189 million to $94.5 million.

user avatarDavid Robinson

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.