Cryptocurrency Q&A
How does South Korea regulate crypto?
How does South Korea regulate crypto?
CryptoAce
Tue Jul 16 2024
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5 answers
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Could you elaborate on the regulatory framework surrounding cryptocurrency in South Korea? I'm particularly interested in understanding how the government approaches regulation in this rapidly evolving sector. What are the key legislations and policies that govern the trading, issuance, and use of cryptocurrencies in the country? Do they have strict licensing requirements for crypto exchanges? What measures have they taken to protect investors and consumers from potential risks associated with cryptocurrencies? Furthermore, how does South Korea's approach to crypto regulation compare to other jurisdictions globally?
5 answers
IncheonBeautyBloomingRadianceGlow
Thu Jul 18 2024
These entities are now required to keep a close watch on any abnormal transactions and, in the event of suspicious activity, promptly notify the Financial Services Commission (FSC).
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Martina
Thu Jul 18 2024
The regulation of the cryptocurrency sector continues to evolve, particularly with regard to the monitoring of Virtual Asset Service Providers (VASPs) or exchanges.
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NavigatorEcho
Wed Jul 17 2024
South Korea, in particular, has intensified its regulatory efforts in recent months. In an effort to establish a robust framework for the crypto market, the FSC has taken decisive steps.
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CryptoMagician
Wed Jul 17 2024
In July of this year, the FSC introduced draft rules outlining new requirements for companies involved in cryptocurrencies.
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KpopStarletShine
Wed Jul 17 2024
According to these draft regulations, companies will be mandated to disclose their ownership or holding of cryptocurrencies from the following year onwards. This measure aims to increase transparency and accountability within the crypto ecosystem.
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