In 2024, the global crypto regulatory industry is witnessing a significant increase in activity, and South Korea is no exception.
Inspection Plan
The Financial Supervisory Services (FSS) of South Korea has declared its intention to conduct inspections on two cryptocurrency exchange platforms, including Upbit, Bithumb, Coinone, Gopax, and Korbit. These measures are part of the Second Half Virtual Asset Operator Inspection Operation Plan, aimed at promoting market order by imposing stringent penalties on illicit acts and assisting enterprises in enhancing their self-regulatory capabilities.
Inspection Areas
The inspections will be conducted in three key areas: the user protection system, compliance with the Virtual Asset Act, and the vulnerability of businesses to user protection and compliance with legislation regarding unfair trading.
Recent Regulatory Measures
In recent months, the South Korean government has implemented several regulatory frameworks, including the imposition of supervisory fees on crypto exchanges like Upbit, Bithumb, and Coinone, as well as the establishment of new monitoring systems to track crypto transactions. The FSS has provided a clear description of the inspection procedures and has expressed its intention to operate in an adaptable manner throughout the process.
These measures aim to improve market order and ensure user protection amidst the growing activity in crypto markets. South Korea continues to strengthen its regulation to adapt to the rapidly changing cryptocurrency landscape.
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