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South Korea tightens measures on crypto exchanges

South Korea tightens measures on crypto exchanges

Cryptodnes2024/06/19 23:37
By:Cryptodnes

South Korea could affect multiple cryptocurrencies with its new digital asset regulations.

This starts today, July 19, when the first law in the country to protect users of virtual assets comes into force. In accordance with this regulation, exchanges are required to establish internal evaluation teams that will assess the reliability of the digital currencies they have listed.

The number of different cryptocurrencies traded is currently over 600 in South Korea. Korean Times reports that financial authorities are expected to partner closely with exchanges this year.

An official from a South Korean financial regulator noted that exchanges will review the coins on their platforms twice a year to determine whether they still want to maintain trading in them.

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In addition, South Korean regulators are preparing guidelines for crypto transactions and hope that they can be finalized and enforced by July. In addition, the Financial Services Commission (FSC) plans to create a new department dedicated solely to overseeing digital assets.

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