Cryptocurrency Q&A
Are cryptocurrency exchanges regulated in South Korea?
Are cryptocurrency exchanges regulated in South Korea?
Valentina
Wed Jul 03 2024
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6 answers
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Inquiring minds may wonder, "Are cryptocurrency exchanges regulated in South Korea?" Well, let's delve deeper into the subject. With the implementation of the Virtual Asset User Protection Act, which took effect in July 2024, South Korea has indeed stepped up its regulatory efforts in the cryptocurrency sphere. This legislation mandates that virtual asset service providers, or VASPs, must adhere to strict guidelines, including storing over 80% of client digital assets in cold wallets to ensure segregation from company funds. Furthermore, the Financial Supervisory Service has been proactive in establishing a system to monitor unusual crypto trading activities, with a focus on detecting potential fraud or illegal activities. Clearly, South Korea is taking a proactive stance in regulating its cryptocurrency exchanges, aiming to protect investors and promote market stability.
6 answers
Dario
Fri Jul 05 2024
Among these exchanges, four major players stand out, accounting for a collective 90% of the crypto-asset trading volumes in the country.
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SeoulStyle
Fri Jul 05 2024
These four leading exchanges are Upbit, Bithumb, Coinone, and Korbit.
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CosmicDreamWhisper
Fri Jul 05 2024
The anticipation of significant deregulation in the realm of cryptocurrency has garnered widespread attention.
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Thunderbolt
Fri Jul 05 2024
Each of these exchanges plays a crucial role in the South Korean cryptocurrency market, offering a range of services to cater to the diverse needs of investors and traders.
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CryptoAce
Fri Jul 05 2024
With the anticipated deregulation, it is expected that these exchanges will further expand their operations and services, attracting more users and capital into the market.
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