As a seasoned crypto investor with experience in the dynamic South Korean market, I welcome the recent moves by the Financial Supervisory Service (FSS) to establish a system for monitoring unusual trading activity and enhance transparency in the local crypto market. This proactive approach to regulation is essential for safeguarding investors’ interests and maintaining trust in the industry.
The financial authority in South Korea is setting up a mechanism to scrutinize uncommon cryptocurrency transactions, encouraging crypto exchanges to collaborate and share their internal information.
As a financial analyst, I’m sharing that the Financial Supervisory Service (FSS) in South Korea is developing a new system for tracking unconventional cryptocurrency transactions. This initiative aims to boost transparency and regulatory control within the country’s crypto market.
The agency requested domestic cryptocurrency exchanges to provide their internal data to the system by July 4th. By doing so, they can guarantee compliance with the upcoming legislation effective from July 19th.
The system focuses on identifying trades that deviate from typical volume and price patterns, large deals, and delayed executions, based on FSS’s specified rules. According to Matt Younghoon Mok, senior foreign attorney and partner at Lee & Ko in Seoul, these conditions may create “substantial hurdles” for altcoins struggling to comply with regulatory norms.
According to a previous report by crypto.news, approximately 1,000 listed tokens on South Korean crypto exchanges will be re-evaluated in light of the newly implemented Virtual Asset User Protection Act. This legislation is designed to protect the rights and interests of crypto investors.
According to the Digital Asset Exchange Alliance, representing five significant Korean cryptocurrency exchanges, there is an expectation for limited token delistings in the next six months. This prediction comes from the regulatory compliance measures that have already been implemented across these domestic platforms in response to upcoming regulations. These regulations will impact approximately three dozen registered crypto exchanges, including Upbit, Bithumb, Coinone, Korbit, and Gopax, who will initiate evaluations to decide whether to continue listing or remove each token.
As a crypto investor under the new regulatory framework, I’m required to note that exchanges now have an obligation to form a review committee. This committee will assess several key factors in order to ensure safety and legitimacy for users. Among these considerations are the credibility of the token issuer, protective measures for users, advanced technology and security protocols, as well as adherence to regulatory requirements.
Read More
- BODEN PREDICTION. BODEN cryptocurrency
- GHST PREDICTION. GHST cryptocurrency
- BETA PREDICTION. BETA cryptocurrency
- STRD PREDICTION. STRD cryptocurrency
- Mango Markets Exploiter Found Guilty Of Fraud And Manipulation
- GBP EUR PREDICTION
- MATIC PREDICTION. MATIC cryptocurrency
- LOOKS PREDICTION. LOOKS cryptocurrency
- BRN/USD
- TNSR PREDICTION. TNSR cryptocurrency
2024-07-04 12:38