South Korea Plans Cap On Crypto Exchange Ownership Despite Industry Concerns
South Korea’s Financial Services Commission (FSC) has shared its intention to move forward with the proposed cap on crypto exchange ownership despite concerns from industry players and the ruling Democratic Party of Korea (DPK). Related Reading: Russian Lawmakers Advance Bill For Crypto Seizures In New Regulatory Push FSC Backs Ownership Cap For Crypto Exchanges On […]
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Indonesia and South Korea are thinking about joining forces in an attempt to boost the FinTech industry to help the burgeoning sector in both countries, reports The Jakarta Post. Last month South Korea announced that it is going to introduce bitcoin regulations in 2017 as digital currencies continue to grow in the country. According to the report, bitcoin adoption has increased significantly in South Korea, amounting to 1.5 trillion won in transactions. It was recently reported that the South Korean government was pushing ahead with the system expansion of digital currency to promote the....
In a move that will see South Korea become even more crypto-friendly, President Yoon has announced his intention to establish a new regulatory framework for the crypto industry by 2024. With this new legislation in place and increasing demand for cryptocurrency services across all areas of commerce, it seems likely they can pull off another […]
A banking association in South Korea recently added weight to regulatory discussions across the country, raising concerns about the high altcoin trading volume. The Korea Federation of Banks (KFB) requested its members to audit trading volumes through their crypto exchanges’ customers’ altcoin activity. Altcoins Trading Volume Outperformed Bitcoin Last Weekend in South Korea According to The Korea Herald, the KFB is concerned about potential risks that South Korean banks could be exposed in front of high altcoin trading volumes, as they offer their services to domestic virtual....
South Korea is lifting crypto restrictions for venture companies on September 16, giving them easier access to financing avenues and tax breaks. According to the Ministry of SMEs and Startups (MSS), the measure comes in response to the growing global trust in the crypto sphere, combined with advancements in the user protection department. The decision comes seven years after the country restricted crypto in October 2018, amidst concerns about speculation influencing the market and the lack of proper investor security. The shift marks a long-awaited move that could bring South Korea at the....
Some jurisdictions are recently putting up regulatory measures to curb cryptocurrency asset investment challenges. Among the many countries on this move is South Korea. The government is making a few recommendations that will serve as protection for cryptocurrency investors. In addition, it issued some guidelines for companies operating within the crypto industry in South Korea. […]