Korean Government Says 28 Crypto Exchanges Have Met Regulatory Requirements t...
The deadline for cryptocurrency exchanges to meet the requirements to continue operations under new crypto regulations in South Korea is rapidly approaching. A total of 28 cryptocurrency exchanges have reportedly been cleared by the regulators to remain open. However, only four crypto exchanges have met the requirements to offer trading in Korean won. 28 Cryptocurrency Exchanges Meet Regulatory Requirements South Korea’s financial authorities have released a list of 28 cryptocurrency exchanges that have met the regulatory requirements to stay open past Sept. 24 under the....
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All cryptocurrency exchanges in South Korea except the largest four may be unable to meet the bank account requirements needed to stay in business. A number of Korean crypto exchanges are considering suing the government and financial authorities, claiming that the country’s crypto law is unconstitutional. A number of exchanges are currently considering filing a lawsuit against the government and the financial authorities alleging the country’s crypto law is unconstitutional, Business Korea reported Monday. The revised Act on Reporting and Use of Certain Financial Transaction....
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last month’s collapse of the terrausd (UST) algorithmic stablecoin....
South Korean exchanges will require users to verify their third-party wallet addresses to help the country comply with FATF travel rule guidelines. Major South Korean crypto exchanges including Upbit, Bithumb and Korbit will follow Coinone's lead in banning transfers to non-verified wallets, industry analysts say. Yesterday Coinone announced that it would reject deposits from unverified private wallets starting Jan. 24 to reduce the risk of money laundering. All Korean exchanges, including Upbit, Bithumb, Korbit and 20 others, are expected to implement similar or identical measures as....
The South Korean government is moving to lessen the burden on FinTech companies who use bitcoin for foreign currency transfers by lowering their minimum capital requirements. According to a report from Korean news outlet PulseNews, local FinTech companies who offer bitcoin-mediated foreign currency transfer services will see easier regulations come July this year. There are about 20 FinTech companies who use bitcoin for foreign currency transfer services to Korean citizens. The South Korean government is set to lower the minimum equity capital criteria for FinTech companies in the foreign....
The 24 licensed crypto exchanges registered a collective average daily transaction volume of near $9.4 billion. South Korea’s crypto market grew to 55 trillion Won ($45.9 billion) by the end of 2021, as per a new study from the country’s chief financial regulator, the Financial Service Commission.South Korea is considered among the strictest crypto markets in terms of regulatory policy implementations and made regular headlines throughout 2021 for its new travel rule and Know Your Company requirements. However, the Korean crypto market has bloomed to new heights despite the regulatory....