South Korean Crypto Exchanges Struggle to Meet Regulatory Deadline

South Korea’s cryptocurrency exchanges are facing a crisis as they struggle to establish an integrated system with financial authorities to monitor abnormal transactions before the Virtual Asset User Protection Act takes effect. The plan to create a shared monitoring system has been scrapped, leaving exchanges scrambling. Discussions have stalled, with no concrete progress. Some exchanges are considering individual solutions, while others explore joint ventures to mitigate costs. However, time is running out, and smaller exchanges may fail to meet the regulatory deadline due to the high costs involved. This urgent situation highlights the challenges in complying with regulations while managing operational expenses.

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