South Korea’s small crypto exchanges face increasing regulatory heat
Stringent regulatory policies in South Korea could force many small- and medium-sized crypto exchanges out of the country. Authorities in South Korea are continuing to propose and enact measures aimed at maintaining strict oversight over the nation’s crypto exchange market. These come amid a significant uptick in cryptocurrency trading volume, especially for altcoins.In May, South Korea’s Financial Services Commission (FSC) announced that the government is planning to enforce stricter regulatory policies on cryptocurrencies in general. This move comes as virtual asset service providers....
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South Korea’s strict crypto regulatory oversight is now extending to overseas exchanges that offer cryptocurrency trading services denominated in the country’s currency. Eun Sung-soo, chairman of South Korea’s Financial Services Commission (FSC), has said that foreign crypto exchanges that deal in the Korean won must comply with the country’s Anti-Money Laundering standards.According to The Korea Herald on Tuesday, Eun made these comments while fielding questions from lawmakers about the FSC’s plans to regulate crypto exchange giant Binance.Eun reiterated the need for overseas exchanges....
Strict reporting rules for crypto businesses in South Korea are set to come into effect with existing firms given six months to comply or face stiff penalties. South Korea’s cryptocurrency regulatory space is set to become even more tightly regulated with the incoming laws on financial reporting for crypto businesses in the country.According to Korea JoongAng Daily, South Korea’s Financial Services Commission has amended its financial reporting rules to include the cryptocurrency sector.This amendment mandates all crypto businesses — exchanges, asset managers, wallet providers, and....
South Korea’s financial authority is expected to release the long-awaited regulatory framework next quarter, offering clear guidelines for the issuance and distribution of won-pegged stablecoins. Related Reading: Crypto Clampdown: South Korea’s Jeju City Goes After Suspected Tax Evaders Stablecoin Guidelines By October On Monday, local news media outlets reported that South Korea’s financial regulator, the […]
This Friday, the first South Korean crypto regulatory framework has gone into effect after the one-year preparation period. The new law requires firms in the country to comply with stricter requirements to protect investors and their assets. Related Reading: $235 Million Crypto Theft from WazirX Was ‘Perpetrated’ By North Korean Hackers, Report Reveals South Korea’s […]
An increasing number of leading South Korean banks are establishing joint ventures with minor ownership to enter the crypto custody market while complying with local regulations. According to a July 11 report from The Korean Economic Daily, the group’s banking unit, Woori Woori Financial Group has become the latest major South Korean financial institution to announce it will launch digital asset custody services.Bank, is partnering with Bitcoin-based fintech solution firm, Coinplug, to establish a digital asset custody joint venture, dubbed D-Custody. Coinplug will be D-Custody’s largest....