South Korea is one of the world’s largest crypto enthusiasts.
Crypto Exchange in South Korea in jeopardy
The Chair of the Financial Services Commission FSC announced that all digital asset exchanges may close. According to the report in Coinquora, there are no registrations that have been completed by the crypto currency department that are in line with new regulatory laws of country South Korea.
There have been an estimated 200 crypto exchanges which could be affected because of the announcement made by the Chair of the Financial Services Commission FSC in South Korea.
South Korea’s top financial regulator has put forward that all of the digital asset exchanges in the country could be in a dangerous situation. A shutdown might occur by this year’s fall, this is due to the following non-compliance with latest laws and regulations.
South Korea’s FSS stand on crypto
Eun Sung-soo, as chair of the Financial Services Commission, broke the news on April 22. He shared this observation during a meeting of the National Assembly’s policy committee.
He also noted that the Financial Service Commission had not received any Virtual Assets Service Provider (VASP) applications yet.
The agency has asked for the registration in line with recently amended bylaws. This is going into effect later this year. In particular, South Korea has been increasing its security in its cryptocurrency rules, and regulations recently.
In his statement, Eun added, there are an estimated number of 200 digital asset exchanges in the country of South korea, but if the current state of affairs continues, then all of them could be packed up.
Reason why the FSS is determined to execute the ban
He said this was pertaining to the anti-money laundering law (AML). Authorities amended the law last year to incorporate crypto. The Financial Service Commission initially accepted the applications for registering on March 25, but no crypto exchanges have been signed up yet.
One significant factor for registering is an official partnership with a financial institution. So far, out of the 200 crypto exchanges Eun mentioned, there are only 4 that have such partnerships.
Most crypto traders refer to these as the ‘big four’ and vested their faith that only these will survive the regulatory attack.
However, as the Chair of the Financial Service Commission already declared, even they haven’t applied for VASP yet.
This leads to uncertainty about their future, at a time when interest in the digital asset is at its peak. According to The Law Reviews, lots of the major crypto exchanges have already exited the country amidst new, stricter rules.
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