🚀 South Korea's FSC Seeks Stricter Oversight Of Crypto Exchange Shareholders

According to PANews, the South Korean Financial Services Commission (FSC) is actively working on amending laws to enforce stricter scrutiny of major shareholders and governance of cryptocurrency exchanges. Currently, under existing laws, including the Virtual Asset User Protection Act, the FSC lacks the statutory authority to review shareholders.

During a recent parliamentary audit, FSC Chairman Kim Byoung-hwan announced that an amendment to the Act on Reporting and Using Specified Financial Transaction Information has been submitted. This amendment aims to provide the FSC with the legal basis to assess the qualifications of major shareholders.

#SouthKorea #FSC #CryptoExchange #Shareholders #Governance #VirtualAsset #FinancialServices #Regulation #Cryptocurrency

🚀 South Korea to Strengthen Measures Against Money Laundering in Virtual Assets

According to PANews, South Korea's Financial Services Commission (FSC) Chairman, Kim Byoung-hwan, has announced the government's intention to implement robust measures to prevent virtual assets from becoming a loophole in the anti-money laundering system. This announcement was made during the 18th Anti-Money Laundering Day ceremony.

Kim Byoung-hwan highlighted the frequent misuse of virtual assets in illegal activities, underscoring the need for stringent regulations. He emphasized that the government is committed to ensuring that virtual assets do not facilitate unlawful financial transfers or tax evasion. To address these concerns, future amendments to the Foreign Exchange Transactions Act will require virtual asset service providers involved in cross-border transactions to register in advance and report transaction details.

These measures aim to enhance transparency and accountability in the virtual asset sector, aligning with global efforts to combat financial crimes. The FSC's initiative reflects a proactive approach to safeguarding the financial system from the risks associated with digital currencies.

#SouthKorea #MoneyLaundering #VirtualAssets #FinancialRegulation #AntiMoneyLaundering #FSC #DigitalCurrency #Transparency #Accountability #FinancialCrimes

🚀 Taiwan To Implement New Anti-Money Laundering Rules For Crypto Platforms

According to Foresight News, Taiwan's Financial Supervisory Commission (FSC) is set to introduce new anti-money laundering regulations on November 30. These regulations will require service providers, including cryptocurrency trading platforms, to complete compliance registration for anti-money laundering measures. Failure to adhere to these rules could result in penalties, including imprisonment for up to two years and fines reaching up to 5 million New Taiwan dollars (approximately 153,700 USD).

The introduction of these regulations marks a significant step in Taiwan's efforts to enhance financial security and integrity within its borders. By mandating compliance registration, the FSC aims to ensure that cryptocurrency platforms operate within a framework that prevents illicit financial activities. This move aligns with global trends where regulatory bodies are increasingly focusing on the cryptocurrency sector to curb money laundering and other financial crimes.

The penalties outlined for non-compliance underscore the seriousness with which the FSC is approaching this initiative. Imprisonment and substantial fines serve as a deterrent to potential violators, emphasizing the importance of adhering to the new regulations. This development is expected to impact how cryptocurrency platforms operate in Taiwan, potentially leading to increased scrutiny and adjustments in their operational procedures to meet the compliance requirements.

As the November 30 deadline approaches, cryptocurrency service providers in Taiwan will need to ensure that their systems and processes are aligned with the new regulations. This may involve revising internal policies, enhancing transaction monitoring systems, and ensuring that all staff are adequately trained in anti-money laundering practices. The FSC's move is part of a broader strategy to safeguard Taiwan's financial system from the risks associated with digital currencies, reflecting a proactive approach to financial regulation in the digital age.

#Taiwan #AntiMoneyLaundering #Cryptocurrency #FinancialRegulations #Compliance #FSC #DigitalCurrencies #FinancialSecurity #RegulatoryCompliance #CryptocurrencyPlatforms

🚀 South Korea's FSC Denies Plans to Allow Corporate Cryptocurrency Purchases

According to PANews, the South Korean Financial Services Commission (FSC) has refuted reports suggesting it will soon permit companies to use their balance sheets to purchase cryptocurrencies. Earlier this month, reports indicated that the FSC was preparing to allow universities and schools to convert cryptocurrency donations into fiat currency, marking the first step in a broader roadmap. This roadmap was purported to eventually enable South Korean companies to buy cryptocurrencies like Bitcoin and Ethereum. Additionally, it was claimed that the Financial Supervisory Commission would allow 'ordinary' companies to purchase cryptocurrencies before the banking sector.

Currently, South Korean law does not explicitly prohibit companies from holding cryptocurrencies. However, individuals wishing to trade Bitcoin, Ethereum, and altcoins must open accounts linked to cryptocurrency exchanges. Regulatory guidelines require financial institutions to reject such applications from corporate clients.

#SouthKorea #FSC #Cryptocurrency #Bitcoin #Ethereum #Regulations #CorporatePurchases #FinancialServices #CryptoDonations #Altcoins #BTC #ETH

🚀 South Korea's FSC Denies Reports on Virtual Asset Accounts and ETFs

According to Foresight News, the South Korean Financial Services Commission (FSC) has refuted reports suggesting that companies will be allowed to issue real-name accounts for virtual assets, including cryptocurrencies, starting next year. The FSC clarified that discussions on this matter are still ongoing. Additionally, media reports claimed that the launch of virtual asset ETFs has been delayed following amendments to the virtual asset law. However, FSC officials have stated that this information is also inaccurate.

#SouthKorea #FSC #VirtualAssets #Cryptocurrency #ETFs #FinancialRegulation

🚀 South Korea Accelerates Drafting Of Virtual Asset Legislation

According to PANews, South Korean financial authorities are expediting the drafting process for the second phase of virtual asset legislation. This phase will address corporate regulation and token circulation disclosure. Kim Byung-hwan, Chairman of the Financial Services Commission (FSC), stated during a parliamentary meeting that the global cryptocurrency regulatory landscape is expected to change rapidly following recent actions by U.S. President Donald Trump's administration. He emphasized the necessity for South Korea to keep pace with these global developments.

#SouthKorea #VirtualAssets #Cryptocurrency #FinancialRegulation #TokenDisclosure #FSC #Legislation #CryptoRegulation #GlobalDevelopments

🚀 South Korea Takes Action Against Unregistered Crypto Exchanges

According to Odaily, the Financial Intelligence Unit (FIU) under South Korea's Financial Services Commission (FSC) has initiated enforcement actions against overseas cryptocurrency exchanges that provide services to South Korean users without registration. This move is in accordance with the Act on Reporting and Using Specified Financial Transaction Information. Reports indicate that the FIU is considering blocking website access as a primary enforcement measure.

#SouthKorea #CryptoExchanges #FinancialIntelligenceUnit #FSC #EnforcementActions #Regulation #Cryptocurrency #UserProtection

🚀 South Korea Sets Guidelines for Nonprofits and Exchanges on Virtual Asset Sales

According to Foresight News, the South Korean Financial Services Commission (FSC) has finalized guidelines for the sale of virtual assets by nonprofit organizations and cryptocurrency exchanges. Starting in June 2025, nonprofits will be allowed to sell cryptocurrencies received through donations, with the requirement that these assets be liquidated immediately upon receipt. Exchanges will also be permitted to liquidate crypto assets obtained from user fees, with mandatory disclosure of the sale results and the use of proceeds.

To mitigate money laundering risks, the FSC mandates that exchanges and banks enhance their Know Your Customer (KYC) procedures for new institutional clients, scrutinizing the sources of funds and the purposes of transactions. Additionally, the FSC will monitor the activities of institutions and their CEOs for potential money laundering activities.

#SouthKorea #VirtualAssets #Nonprofits #CryptocurrencyExchanges #FSC #CryptoSales #MoneyLaundering #KYC #FinancialRegulation

🚀 South Korea Introduces Guidelines for Virtual Asset Lending Services

According to PANews, South Korea's financial regulatory authorities have introduced the first set of guidelines for virtual asset lending services. In response to increased investor risks due to intensified competition among exchanges, the regulations prohibit leverage and cash lending, set personal limits, and cap fees to prevent short-selling activities. On September 5, the Financial Services Commission announced the implementation of the self-regulatory 'Virtual Asset Lending Business Guidelines,' developed by the Financial Supervisory Service and DAXA.

The new guidelines focus on three core areas: service scope limitations, user protection, and market stability. They explicitly ban excessive leverage lending and cash lending in Korean won, requiring exchanges to use their own assets for services and prohibiting third-party delegation or indirect lending models.

In terms of enhanced user protection measures, first-time users must complete DAXA's online education and adaptability test. Loan limits are set between 30 million to 70 million Korean won, depending on trading experience. Users must be notified in advance of any forced liquidation risks and allowed to add collateral. The annual fee rate is capped at 20%, and exchanges must publicly disclose the lending status and liquidation cases for each cryptocurrency.

For market stability, the guidelines restrict lending targets to the top 20 market cap assets or those listed on at least three Korean won exchanges, excluding assets under trading warnings or suspected of abnormal trading. An internal control mechanism is required to prevent excessive concentration in specific cryptocurrencies, which could lead to market volatility.

#SouthKorea #VirtualAssetLending #Guidelines #SelfRegulatory #DAXA #FSC #FSS #CryptoLending #CryptoRegulation #MarketStability #UserProtection #LeverageBan #CashLendingBan #KoreanWon #LoanLimits #EducationRequirement #PublicDisclosure #Top20MarketCap #ThreeExchanges

🚀 South Korea Considers Granting Stablecoin Issuance Rights to Consortiums

According to PANews, South Korea's National Policy Planning Committee is contemplating granting the authority to issue Korean won stablecoins to consortiums composed of banks and non-bank institutions. The Financial Stability Agreement will oversee the regulation and licensing of this initiative. This move aims to combine the stability of banks with the innovation of fintech companies. The relevant legislation is expected to be advanced by the Financial Services Commission in October.

#SouthKorea #stablecoin #consortium #fintech #banks #nonbank #regulation #FinancialStabilityAgreement #FinancialServicesCommission #FSC #policy

🚀 South Korea's FSC Delays Submission of Stablecoin Regulation Proposal

According to Foresight News, South Korea's ruling party had requested the Financial Services Commission (FSC) and other ministries to submit a regulatory proposal for the Korean won stablecoin by December 10. However, the FSC did not meet the deadline.

An FSC spokesperson explained that the commission requires additional time to coordinate positions with relevant agencies. Instead of rushing to meet the deadline, the FSC plans to present the proposal to the National Assembly while simultaneously making it public. This approach aims to ensure transparency and protect the public's right to be informed about the matter.

#SouthKorea #FSC #StablecoinRegulation #FinancialServicesCommission #KoreanWon #RegulatoryProposal #NationalAssembly #Transparency #PublicAwareness

🚀 South Korea Considers Preventive Freezing Mechanism for Crypto Transactions

According to BlockBeats, South Korea's financial regulators are evaluating the introduction of a 'preventive freezing' mechanism. This would allow the temporary freezing of accounts involved in suspected price manipulation of cryptocurrency transactions before they are cashed out. The Financial Services Commission (FSC) is exploring a trading suspension system to align crypto enforcement standards with those of the stock market, addressing current delays that require court orders.

This discussion coincides with South Korea's advancement into the second phase of crypto legislation, which may focus on stablecoins and market manipulation. If implemented, the regulatory approach would shift from post-incident accountability to real-time intervention. This would enhance scrutiny of high-frequency, automated trading and short-term abnormal fluctuations, significantly tightening the market enforcement environment.

#SouthKorea #crypto #cryptoregulation #preventivefreezing #cryptotransactions #price manipulation #FSC #cryptolegislation #stablecoins #marketmanipulation #highfrequencytrading #automatedtrading #realtimeintervention #cryptomarket #regulatoryapproach #blockchain

🚀 South Korea's FSC Denies Proposal of 3% Capital Disclosure Rule for Digital Assets

South Korea's Financial Services Commission (FSC) has refuted claims that it proposed a 3% capital disclosure rule for corporate digital asset investments. According to NS3.AI, the FSC clarified that no decisions have been finalized concerning investment limits or disclosure standards. Ongoing discussions are taking place within a public-private task force about the involvement of professional investment firms in the virtual asset market.

#SouthKorea #FSC #DigitalAssets #CapitalDisclosure #InvestmentLimits #VirtualAssets #NS3AI #TaskForce #FinancialServices

🚀 South Korea Delays Decision on OTC Security Token Exchange Licensing

South Korea's Financial Services Commission (FSC) has postponed its final decision regarding the licensing of over-the-counter (OTC) security token exchanges. According to NS3.AI, two consortia, led by Korea Exchange (KRX) and Nextrade, received preliminary approval. However, the exclusion of Lucentblock's consortium has sparked criticism over fairness. Despite completing its review process, the FSC did not discuss the applications during its meeting on January 28.

#SouthKorea #FSC #OTC #SecurityToken #Licensing #KoreaExchange #Nextrade #Lucentblock #Consortium #FinancialServices #Criticism #Fairness #ReviewProcess

🚀 South Korea Proposes Shareholder Cap for Cryptocurrency Exchanges

South Korea's Financial Services Commission (FSC) has put forward a proposal to limit the stakes of individual major shareholders in cryptocurrency exchanges to between 15% and 20%. According to NS3.AI, the plan also includes conducting qualification reviews for major shareholders of Virtual Asset Service Providers (VASPs) to mitigate potential conflicts of interest. This proposal is currently being reviewed by the National Assembly as part of efforts to enhance market transparency and regulatory oversight.

#SouthKorea #cryptocurrency #shareholdercap #FSC #VASPs #markettransparency #regulatoryoversight

🚀 South Korea's FSC to Decide on STO Exchange Approvals

South Korea's Financial Services Commission (FSC) is poised to make a significant decision regarding the preliminary approval of over-the-counter security token offering (STO) exchanges. According to NS3.AI, this decision may exclude Lucentblock, a startup focused on real estate fractional investment, which has been operating under a regulatory sandbox for seven years. Two consortiums, led by Korea Exchange and Nextrade, have been shortlisted for approval. If the FSC confirms these selections, Lucentblock will be excluded from the STO exchange ecosystem.

#SouthKorea #FSC #STO #SecurityTokenOffering #Lucentblock #Nextrade #KoreaExchange #RealEstateInvestment #RegulatorySandbox

🚀 South Korea Considers Increasing Cold Wallet Storage Requirement for Crypto Exchanges

South Korea's Financial Services Commission (FSC) is evaluating a proposal to raise the cold wallet storage requirement for cryptocurrency exchanges from the current 80% to nearly 100%. According to NS3.AI, this potential change was disclosed in a formal response to a National Assembly inquiry and will be assessed in conjunction with forthcoming virtual asset regulations. The FSC's objective is to ensure that the adjustment aligns with the operational capabilities of exchanges, international regulatory standards, and findings from recent inspections.

#SouthKorea #ColdWalletStorage #CryptoExchanges #FinancialServicesCommission #FSC #Cryptocurrency #VirtualAssetRegulations #NS3AI #NationalAssembly #RegulatoryStandards

🚀 South Korea to Overhaul Token Securities Regulations

South Korea's Financial Services Commission (FSC) chairman, Lee Eog-weon, announced that token securities are set to become a core component of capital markets rather than a temporary trend. According to NS3.AI, the government is planning a comprehensive reform of regulations concerning the issuance, distribution, and disclosure of token securities to foster innovation. A new regulatory framework law, which was passed in January, is scheduled to take effect in February next year. This initiative will be supported by a joint public-private 'Token Securities Council' aimed at establishing the necessary infrastructure and detailed rules.

#SouthKorea #TokenSecurities #FSC #CapitalMarkets #Regulations #Blockchain #Innovation #TokenSecuritiesCouncil

🚀 South Korea's Digital Asset Basic Act Draft Raises Concerns Over Shareholder Limits

South Korea's initial draft of the second-phase Digital Asset Basic Act did not specify a limit on major shareholders in cryptocurrency exchanges. According to NS3.AI, a study commissioned by the Financial Services Commission (FSC) and conducted by Seoul National University's Center for Financial Law also did not include this provision. The absence of such a rule has led to suspicions that it may have been introduced later in the drafting process.

#SouthKorea #DigitalAssets #Cryptocurrency #Regulation #ShareholderLimits #FSC #FinancialLaw #NS3AI

🚀 South Korea's FSC Mandates Frequent Asset Checks for Crypto Platforms

South Korea's Financial Services Commission (FSC) has instructed local cryptocurrency exchanges to implement a system for reconciling internal ledgers with actual crypto asset holdings every five minutes by the end of May. According to Foresight News, exchanges are also required to disclose asset matching balances daily and undergo monthly external audits by accounting firms. Currently, three of the five major local crypto exchanges conduct asset checks every 24 hours, while the other two perform checks every 5 to 10 minutes. Additionally, regulators have identified deficiencies in the exchanges' circuit breaker mechanisms during significant asset mismatches.

#SouthKorea #FSC #CryptoExchanges #AssetChecks #Cryptocurrency #InternalLedgers #ExternalAudits #Regulations #FinancialServices #Blockchain