News with the tag "FSS"

Upbit and Bithumb have agreed to compensate their users with $2.5 million. The exchanges agreed to the compensation because of technical failures during the December martial law declaration. The 3.5 billion won payout is the largest digital asset compensation in South Korea’s crypto history. Last mo...

Korea’s FSS Addresses Interest Rate Competition on Crypto User Deposits In a significant regulatory move, Lee Bok-hyun, governor of South Korea’s Financial Supervisory Service (FSS), addressed the escalating competition over interest rates on user deposits among local cryptocurrency exchanges during...

Introducing supervisory fees marks a crucial step toward increased regulation and oversight.

This Friday, the first South Korean crypto regulatory framework has gone into effect after the one-year preparation period. The new law requires firms in the country to comply with stricter requirements to protect investors and their assets. Related Reading: $235 Million Crypto Theft from WazirX Was...

South Korea’s Financial Supervisory Service (FSS) will introduce a continuous monitoring system on July 19 to track suspicious cryptocurrency transactions. Developed with local digital asset exchanges, this system aligns with the country’s Virtual Asset User Protection Act, which aims to regulate tr...

South Korea’s Financial Supervisory Service (FSS) has announced a new “continuous monitoring system” to track suspicious cryptocurrency transactions on exchanges. This initiative aims to enhance security and protect investors who participate in the cryptocurrency market. “Based on the real-time moni...

South Korea will implement its first crypto act on user protection on July 19. As a result, the South Korean financial authority has notified nearly 30 registered exchanges to review the over 600 cryptocurrencies they listed on them. Under the new law, companies that fail to comply could face severe...

Unlike their U.S. counterparts, Korea’s FSC and FSS have been cautious about allowing crypto trading on traditional securities markets.

South Korea’s financial watchdog chief is planning to visit the U.S. to discuss crypto regulation with the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, with a focus on the SEC’s recent decision to approve spot bitcoin exchange-traded funds (ETFs). He stressed that cur...