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The Financial Services Commission (“FSC”) announced on the 28th of last month that it prepared measures against voice phishing done through virtual asset exchanges and prepaid businesses that previously could not suspend payments even if such crime was reported. In…
Korean virtual asset exchange Coinone re-listed WEMIX, a cryptocurrency issued by game company Wemade, stating that the distribution issue of WEMIX has been resolved. On December 8th last year, the Digital Asset eXchange Alliance (“DAXA”), which is joined by the…
Recently, the Financial Supervisory Service (“FSS”) requested domestic digital asset exchanges operating in the KRW market to prove the operating principle and marketability of their staking services. Three out of four domestic exchanges which operate in the KRW market and…
The Financial Supervisory Service (“FSS”) of Korea announced on the 14th that it has launched a task force (“TF”) team to support the process of determining which virtual assets to be considered as securities. It plans to prepare an inspection…
[Executive Summary] Binance’s acquisition of Gopax has begun as it received a large-scale investment from Binance, including funds for repayment of its GoFi service. This investment will be used to support all GoFi investors to withdraw all their deposited assets,…
[Executive Summary] The Supreme Court of Korea confirmed the dismissal of the trial court’s decision and upheld the appeals court’s decision on a lawsuit filed by 132 investors against Bithumb. The lawsuit sought compensation for damages caused by data processing…
1. Background As securities are issued and distributed only in a specific form and method for the following three reasons in the current system, the government has adopted and is promoting the regulatory system under the Financial Investment Services and…
[Executive Summary] The FSC announced that it will expand its inspections this year to eliminate financial crimes involving virtual assets. The inspections will be conducted in three ways: comprehensive inspections, thematic inspections, and regular inspections. Cryptocurrency exchanges operating in the…
[Executive Summary] The FSC of Korea has ordered virtual asset exchanges to classify and delist security tokens that are currently being managed. This is expected to speed up the systemization process for security tokens. The delisting procedure will be carried…
On February 6th, the FSC announced its STO guidelines. The guidelines contain two main parts: first, they set out the principles for determining which tokens qualify as securities. Second, the guidelines outline future regulatory developments for issuing and distributing token…
