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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South Korea’s financial watchdog chief is planning to visit the U.S. to discuss crypto regulation with the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, with a focus on the SEC’s recent decision to approve spot bitcoin exchange-traded funds (ETFs). He stressed that currently, the impact of SEC policies on the world…
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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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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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South Korean financial regulators are looking into the massive amount of foreign remittances of cash that came from crypto exchanges. South Korean banks are being investigated for their role in facilitating $6.5 billion in suspicious overseas remittances which have been tied to companies arbitraging cryptocurrency. According to an Aug. 15 report from Asia Times, the…
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