News list for " services commission"
Kim Byoung-hwan, chairperson of South Korea's Financial Services Commission (FSC), announced that the regulator will soon make a decision on whether to impose sanctions on Upbit, a crypto exchange that failed to meet customer authentication requirements. The decision follows an inspection launched by the FSC's Financial Intelligence Analysis Unit (FIU) at the end of August last year as part of the renewal process for Upbit's Virtual Asset Service Provider (VASP) license. During the inspection, i...
Kim Byung-hwan, chairperson of South Korea's Financial Services Commission (FSC), said he plans to announce his position on allowing businesses to invest in virtual assets (cryptocurrencies) as soon as possible, while also expediting preparations for the stablecoin regulatory system and the second phase of legislation.
South Korea's Financial Services Commission (FSC) has reported its first case of unfair trading under the Virtual Asset User Protection Act, which came into effect in July 2024 and requires local virtual asset service providers (VASPs) to report unusual trading and investigate unfair trading patterns. According to the FSC, the suspect used a "pump and dump" technique to manipulate the market, artificially inflating the price of a cryptocurrency by initiating multiple payers, and then selling a l...
South Korea's Financial Services Commission (FSC) held its second virtual asset committee meeting on January 15, suspending a decision on corporate cryptocurrency trading accounts. Kim So-young, vice chairperson of the FSC, said that after 12 subcommittee and working group discussions, the relevant policy review is nearing completion. The meeting focused on the implementation of the second phase of the Cryptocurrency Investor Protection Law, which involves regulatory requirements such as issuanc...
South Korea's Financial Services Commission (FSC) said it plans to gradually lift restrictions on institutional investors opening accounts on cryptocurrency exchanges. The FSC will work with the Digital Assets Commission to open up the participation of non-profit organizations for the first time. Currently, South Korea's Financial Information Use Act only allows real-name verified retail investors to trade cryptocurrencies. The move is part of President Yoon's commitment to promote the developme...
On December 24th, South Korea's Financial Services Commission (FSC) denied reports that "companies will be allowed to issue virtual asset (cryptocurrency) real-name accounts from next year," saying that it is still under discussion. In addition, there are media reports that the launch of virtual asset ETFs has been delayed after the revision of the virtual asset law, but FSC officials responded that this is not true.
South Korea's Financial Services Commission (FSC) plans to allow public institutions such as universities to trade cryptocurrencies by 2025, eventually allowing companies to open enterprise crypto wallets. Several major universities have received cryptocurrency donations in recent years. But current government guidelines prohibit them from selling cryptocurrencies for cash. Although there is no law explicitly prohibiting public institutions and public institutions from...
South Korea's Financial Services Commission (FSC) is actively pushing for amendments to the law to critically scrutinize major shareholders and governance of crypto exchanges. Currently, the FSC lacks the statutory authority to scrutinize shareholders under existing laws, including the Virtual Asset User Protection Act. In a parliamentary audit, FSC Chairperson Kim Byoung-hwan said that amendments to the Act on Reporting and Use of Specific Financial Transaction Information have been submitted t...
South Korea's Financial Services Commission (FSC) will take important steps to shape the country's cryptocurrency landscape. According to Cryptoquant founder Ki Young Ju, this includes discussions to allow bitcoin spot exchange-traded funds (ETFs) and for companies to open cryptocurrency exchange accounts.
The Financial Intelligence Unit (FIU) of South Korea's Financial Services Commission has approved the registration of virtual asset service providers (VASPs) for the first time in a year. Entities approved for registration include virtual asset infrastructure firm DSRV and crypto asset custodian BDACS. DSRV submitted its registration application in October 2023 and was approved approximately one year later, while BDACS submitted its application in February 2024 and was approved approximately six...
