Bitcoin News and Finance
10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline Skip to main content

10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline

10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline

Cryptocurrency exchanges in South Korea have until midnight on Friday to register with financial authorities in order to continue operating legally. Only 10 digital asset trading platforms have already submitted their documents to the Korean anti-money laundering body.

Compliance Deadline for New Korean Crypto Regulations Expires Friday

Registering with Korea’s Financial Intelligence Unit (FIU) is a key requirement for both local and foreign crypto exchanges providing services to Korean investors under the tougher new regulations coming into force after Sept. 24. A total of 10 out of dozens of coin trading platforms have so far filed applications with FIU, the anti-money laundering division of the Financial Services Commission (FSC). The group includes Upbit, Bithumb, Coinone, Korbit, and Flybit, Yonhap reported, quoting the body on Friday.

10 Crypto Exchanges File for Registration With Korean Regulators Ahead of Deadline

South Korea’s revised Special Funds Act, which introduces the stricter rules, took effect on March 25 and will be enforced now, after a six-month grace period. According to its provisions, digital asset exchanges also need to obtain an Information Security Management System (ISMS) certificate from the Korea Internet and Security Agency. Financial officials have announced that 28 out of 66 exchanges have acquired the certificate up to this point.

Cryptocurrency exchanges are also required to partner with domestic banks on the issuance of real-name bank accounts. If they don’t do that, they will not be able to offer trading pairs with Korean fiat currency. Only the top four platforms – Bithumb, Upbit, Coinone, and Korbit – have secured real-name account deals with commercial banks as the financial institutions fear exposure to crypto-related risks like money laundering.

Mid-size exchanges such as Flybit, Coredax, and Foblgate are suspending Korean won pairs, the report notes. While the exact turnover on these and smaller platforms is hard to estimate, market observers quoted by the Korea Herald have said that they account for between 5% and 7% of the total amount of cryptocurrency traded in the Korean market. In light of the upcoming regulations, some exchanges have also delisted certain “high-risk” coins.

As Bitcoin.com News reported earlier this week, around 60 cryptocurrency exchanges are expected to discontinue all or some of their services targeting Korean investors. At the time, only Korea’s largest crypto trading platform, Upbit, had been licensed to conduct business in the country after the Financial Intelligence Unit accepted and reviewed the report filed by its operator, Dunamu Inc.

Cryptocurrency exchanges that don’t submit the necessary documents such as a written intent to do business by the end of the day will be forced to close down, the national public broadcaster KBS reported, quoting the FSC. Operators that fail to comply with the new rules but continue their activities without a license face up to five years in prison or fines of up to 50 million won (over $42,000).

Do you think more cryptocurrency exchanges will be able to meet the new Korean regulatory requirements in the future? Share your expectations in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory