What were the latest regulatory developments for Korean crypto exchanges on January 30th?

3 answers

• Jacobs FossSep 16, 2023 · 2 years ago
  On January 30th, there were several regulatory developments for Korean crypto exchanges. The Financial Services Commission (FSC) announced new guidelines aimed at increasing transparency and security in the crypto market. These guidelines require exchanges to implement stricter KYC (Know Your Customer) procedures and enhance their AML (Anti-Money Laundering) measures. Additionally, exchanges are now required to obtain a license from the FSC to operate legally in Korea. This move is seen as a positive step towards regulating the crypto industry and protecting investors. However, some critics argue that these regulations may stifle innovation and hinder the growth of the crypto market in Korea.
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• ucsdmiami2020Feb 25, 2024 · a year ago
  The latest regulatory developments for Korean crypto exchanges on January 30th were focused on strengthening the oversight and regulation of the industry. The FSC introduced new rules to combat money laundering and ensure the security of customer funds. These regulations require exchanges to implement stricter security measures, such as multi-factor authentication and cold storage for digital assets. Additionally, exchanges must now report all transactions exceeding a certain threshold to the authorities. While these regulations aim to protect investors and prevent illicit activities, they also pose challenges for smaller exchanges that may struggle to comply with the increased regulatory requirements.
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• Mubeen ArshadJun 15, 2024 · a year ago
  As a leading crypto exchange, BYDFi is committed to complying with all regulatory developments in the Korean market. On January 30th, the FSC introduced new guidelines aimed at enhancing the security and transparency of the crypto industry. These guidelines require exchanges to strengthen their KYC and AML procedures, as well as obtain a license from the FSC. BYDFi fully supports these measures and has already implemented enhanced security measures to protect its users' funds. We believe that these regulations will help foster a safer and more trustworthy crypto ecosystem in Korea.
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