FSS – DIGIT INFO

South Korean crypto exchanges face unexpected supervisory fees

DIGIT — Thu, 01 Aug 2024 08:44:53 +0000

Introducing supervisory fees marks a crucial step toward increased regulation and oversight.

South Korea Launches Continuous Monitoring for Crypto Transactions

DIGIT — Mon, 08 Jul 2024 01:36:58 +0000

South Korea’s Financial Supervisory Service (FSS) will introduce a continuous monitoring system on July 19 to track suspicious cryptocurrency transactions. Developed with local digital asset exchanges, this system aligns with the country’s Virtual Asset User Protection Act, which aims to regulate trade practices and protect investors. Major Korean crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, […]

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US ETH ETF approval pressures Korean regulators

DIGIT — Sat, 25 May 2024 08:05:44 +0000

Unlike their U.S. counterparts, Korea’s FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.

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South Korea to Regularly Inspect Crypto Risks With New Monitoring Tools

DIGIT — Thu, 19 Jan 2023 04:30:38 +0000

South Korea’s financial regulator is developing new tools to regularly monitor crypto risks. The regulator warned that while the impact of the crypto market on the traditional financial system is still low, the risks posed by crypto to the country’s financial stability could increase sharply in the future. Korean Regulator Developing Crypto Monitoring Tools South […]

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Korean Regulator Takes Action Against 16 Foreign Crypto Exchanges

DIGIT — Sat, 20 Aug 2022 02:30:12 +0000

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 […]

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Korean regulators investigate banks over $6.5B tied to Kimchi premium

DIGIT — Tue, 16 Aug 2022 03:04:53 +0000

South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges.

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Korean exchanges agree on emergency system in case of Terra-style collapse

DIGIT — Thu, 16 Jun 2022 03:25:03 +0000

Korean exchanges will soon be required to list tokens based on the same guidelines to ensure compliance with local regulations, and make emergency decisions together to prevent another Terra fiasco.

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Korean Exchanges Delist High-risk Coins as They Face Tough Regulations

DIGIT — Thu, 17 Jun 2021 04:00:20 +0000

Crypto trading platforms in South Korea are delisting certain digital currencies as they move to comply with stricter rules for the industry. The trading of some high-risk coins has been either halted or completely suspended on several Korean exchanges this week. South Korean Exchanges Wipe Trading Lists of Risky Digital Assets Trying to meet Seoul’s […]

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South Korean Financial Supervisory Service Tasked With Crypto Market Oversight

DIGIT — Mon, 31 May 2021 10:00:52 +0000

The Financial Supervisory Service of South Korea will lead government efforts to oversee the country’s expanding cryptocurrency market. The agency has been tasked with the job after prolonged discussions over which Korean regulator should be responsible for the industry. Financial Supervisory Service Takes Responsibility for Crypto Sector in Korea It took the government months to […]

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South Korea Cracks Down on Unauthorized Cryptocurrency Funds

DIGIT — Tue, 30 Oct 2018 23:00:51 +0000

South Korean financial regulators are cracking down on unauthorized cryptocurrency funds. In particular, one crypto fund launched by a local exchange is reportedly being investigated. The exchange claims no wrongdoing as its token activities were carried out overseas, but has promptly canceled its plan to launch a second fund. Also read: Yahoo! Japan Confirms Entrance Into […]

The post South Korea Cracks Down on Unauthorized Cryptocurrency Funds appeared first on Bitcoin News.

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