EddieJayonCrypto
5 Feb 24
The South Korean Financial Services Commission (FSC) is implementing new regulations to enhance transparency and compliance in the cryptocurrency industry. These regulations include closer monitoring of executive movements within cryptocurrency firms, reporting changes in leadership in crypto exchan...
The South Korean Financial Services Commission (FSC) is implementing new regulations to enhance transparency and compliance in the cryptocurrency industry. These regulations include closer monitoring of executive movements within cryptocurrency firms, reporting changes in leadership in crypto exchanges, and proposals for a minimum reserve fund for exchanges with real-name accounts. Additionally, the FSC's Financial Intelligence Unit is cracking down on crypto mixers, despite the country's cryptocurrency industry not projected to grow significantly.
In a recent statement, the South Korean FSC has proposed new regulations that crypto exchanges operating within the country must report any changes to its executive or leadership structure before assigning operational duties to incoming employees. However, South Korea’s annual revenue in the crypto industry is not set to grow exponentially, according to recent data from Statista. Meanwhile, in August 2023, the Korea Federation of Banks proposed that South Korean crypto exchanges with real-name accounts hold a minimum reserve fund.
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