Korean banks will need to classify crypto exchange clients as ‘high risk’
A further tightening of cryptocurrency regulation in South Korea is underway, with new rules for banks and crypto exchange operators. Go to Source Powered by WPeMatico
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Alleged $3.6B crypto Ponzi’s ‘victims’ still believe the exchange is legit
Some of those caught up in an alleged $3.6 billion crypto Ponzi scheme are refusing to aid police investigations as they still expect to triple their investments. Go to Source Powered by WPeMatico
South Korea moves to ban cross trading for crypto exchanges
South Korean crypto exchanges are groaning under a new proposal that will prevent them from converting trading fees to fiat currency. Go to Source Powered by WPeMatico
South Korea’s Financial Regulator Holds Closed-Door Meeting With 20 Crypto Exchanges
Regional reports disclose South Korea’s Financial Services Commission (FSC) had a closed-door meeting with roughly 20 different cryptocurrency exchanges on June 3. The report highlights that virtual asset business operators (VASPs) that attended the meeting all had ISMS (Information Security Management System) certification. South Korean Regulator Holds a Closed-Door Meeting With 20 VASPs A report … Read more
South Korean regulators parley with 20 crypto exchanges
The FSC is in dialogues with South Korea’s crypto exchanges amid expanded regulatory oversight. Go to Source Powered by WPeMatico
Bank account flows for South Korean crypto exchanges surge 40% since 2020
Upbit exchange paid 10 times more in fees to South Korean internet bank K bank Q1 2021 than in the previous quarter. Go to Source Powered by WPeMatico
Japan’s Top Financial Watchdog Sends a Warning Crypto Derivatives Exchange Bybit
The Japanese government’s Financial Services Agency (FSA) has issued a warning to the crypto derivatives exchange Bybit claiming that the trading platform is allowing residents of Japan access to the exchange. The news follows the Bank of Japan Governor Haruhiko Kuroda criticizing digital currencies for speculation. Japan’s FSA Warns Bybit Fintech Limited Japan’s top regulator … Read more
South Korean Financial Supervisory Service Tasked With Crypto Market Oversight
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 … Read more
Korean gov’t clarifies crypto regulatory roles of different agencies
After some confusion, South Korea’s government has laid out which state and regulatory bodies are charged with the oversight of various aspects of crypto-related activities. Go to Source Powered by WPeMatico
Korea’s crypto market is among the strongest — and the strangest — in the world
Between strict capital controls and regulations, Korea’s cryptocurrency industry is so closed off that Bitcoin commands a steep premium and DeFi is in its infancy. Go to Source Powered by WPeMatico