South Korean regulator proposes strict new rules for token issuers
The FSC wishes to establish a system that would recover illegally gained funds, dole out criminal punishments, and protect investors from future malfeasance. South Korea’s Financial Services Commission (FSC) has issued a report outlining its new definition of cryptocurrencies, along with proposed procedures for token issuers and punishments for non-compliance.The mooted rules could impose onerous regulations on individuals or platforms that mint non-art NFT’s intended for trading, as well as decentralized finance projects among others. The Nov. 23 report by the FSC details items it....
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The South Korean financial intelligence unit is taking action against 16 foreign cryptocurrency exchanges for operating illegally in the country. “For illegal business activities of unregistered entities, maximum of 5 years of imprisonment or up to KRW 50 million of fines can be imposed,” the regulator said.
16 Foreign Crypto Exchanges Flagged by South Korean Regulator
South Korea’s top financial regulator, the Financial Services Commission (FSC), announced Thursday that the country’s financial intelligence unit (KoFIU) has notified investigative....
The South Korean gaming regulator is reluctant to embrace NFTs. The South Korean blockchain gaming industry is concerned regulators are looking unfavorably on non-fungible token based games, after the Game Rating and Administration Committee (GRAC) postponed an application for the NTF-based Five Stars on September 22. According to iNews24, the watchdog decided to hold off from issuing a rating for Five Stars, a game developed by South Korean tech giant, Kakao. The company is well-known for its recent ventures in the local crypto industry.Non-fungible tokens, or NFTs, are crypto tokens that....
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