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Korea is promoting the listing of spot ETFs for virtual assets like Bitcoin, Ethereum, Solana, and Ripple, with PVR Group proposing to Busan Technopark to establish projects and regulatory exceptions within the blockchain free zone. Busan City is preparing major…
The Financial Supervisory Service announced that the ‘Virtual Asset User Protection Act’ will be enforced starting July 19th, requiring virtual asset exchanges to constantly monitor and detect abnormal transactions to prevent unfair trading behavior in the virtual asset market. Exchanges…
DAXA has proposed self-regulatory guidelines for the screening, support, and termination of virtual asset transactions, effective from July 19th, to align with the new Act on the Protection of Users of Virtual Assets. This proposal includes formal and qualitative screening…
Cryptocurrency exchanges have clarified customer deposit returns and interest payments ahead of the ‘Virtual Asset User Protection Act’ implementation next month. Starting on the 19th of next month, exchanges like Upbit will update their terms and conditions to grant users…
DAXA, a coalition of digital asset exchanges including UPBIT, Bithumb, Coinone, Korbit, and GoPax, is ramping up efforts to protect investors in anticipation of the Cryptocurrency User Protection Act, which comes into effect on July 19. The group has initiated…
The bear market in cryptocurrencies and regulatory aftermath are leading to the closure of many small and medium-sized exchanges in Korea that only trade in cryptocurrencies. As of November 19, only three out of 22 such exchanges are still active.…
Starting next month, the Virtual Asset User Protection Act will mandate quarterly reviews of over 600 crypto stocks on exchanges. Problematic stocks may be designated as tradable or delisted. From July 19, 29 notified exchanges, including major ones like Upbit…
The Financial Supervisory Service (FSS) is considering supervision fees for virtual asset operators ahead of the Virtual Asset User Protection Act (VAWA) implementation next month. The FSS argues this fee is necessary for the new supervision and inspection framework. However,…
The Financial Services Commission (FSC) and Financial Supervisory Service (FSS) announced the need for guidelines and procedures for closing down Virtual Asset Service Providers (VASPs) to protect users’ assets. This follows joint inspections revealing that several exchanges, including Huobi Korea…
In alignment with the Act on the Protection of Users of Virtual Assets implemented in July, the Financial Services Commission’s Virtual Asset Division will operate with eight staff members until the end of next year. Additionally, the Financial Intelligence Unit…
