tl;dr
Upbit, a digital asset exchange, has published a financial transparency report in line with the Virtual Asset User Protection Act (VAUPA) to be implemented on July 19. The report includes self-regulation measures to prevent insider trading, fair trading promotion, and risk assessment through Know Yo...
Upbit, a digital asset exchange, has published a financial transparency report in line with the Virtual Asset User Protection Act (VAUPA) to be implemented on July 19. The report includes self-regulation measures to prevent insider trading, fair trading promotion, and risk assessment through Know Your Customer (KYC) regulations.
Upbit has tightened crypto trading rules, prohibiting employees and executives from trading virtual assets and restricting trading to blood relatives of employees. The report highlights efforts to prevent price manipulation, including the 'Upbit Market Oversight (UMO)' system.
VAUPA aims to prevent fraudulent transactions and price manipulation in South Korea, aligning with global regulatory efforts to combat digital asset fraud. Other crypto firms in South Korea have also begun VAUPA implementation.
Upbit's transparency report is part of their efforts to provide fair and trustworthy crypto services, aligning with VAUPA implementation on July 19. South Korea and other global regulators continue ramping up crypto regulation efforts.
Upbit has tightened crypto trading rules through Dunamu, the exchange operator, prohibiting employees and executives from trading virtual assets and restricting trading to blood relatives of employees. The report highlights directives to prevent insider trading, promotion of fair trading, risk assessment through Know Your Customer (KYC) regulations, and the prevention of price manipulation.
The implementation of VAUPA in South Korea mandates crypto exchanges to create monitoring systems to prevent fraudulent transactions and price manipulation. This is in line with global regulatory efforts to curb digital asset fraud in the financial market.