{"id":23148,"date":"2023-08-29T08:09:31","date_gmt":"2023-08-29T08:09:31","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/south-korean-crypto-exchanges-face-new-safeguarding-measures\/"},"modified":"2023-08-29T08:09:31","modified_gmt":"2023-08-29T08:09:31","slug":"south-korean-crypto-exchanges-face-new-safeguarding-measures","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/south-korean-crypto-exchanges-face-new-safeguarding-measures\/","title":{"rendered":"South Korean Crypto Exchanges Face New Safeguarding Measures"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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South Korean bitcoin exchanges are now forced to set up a financial safety net in an effort to improve consumer safeguards. As a precaution, this regulation requires exchanges to reserve a minimum of 3 billion won ($2.3 million), or 3 billion won, in bank accounts.<\/p>\n

New Guidelines and Their Implications<\/strong><\/h2>\n

According to the \u201cVirtual Asset Real-Name Account Operation Guidelines\u201d published by the Korea Federation of Banks (KFB) earlier this year, these procedures were put into place starting in September. These rules largely apply to exchanges that local banks have issued real-name accounts to, requiring that users of these accounts match their names on the exchange with those on the bank.<\/p>\n

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These regulations state that the 3 billion won minimum cash reserve requirement must equal either 30% of an exchange\u2019s daily average deposits or 3 billion won or greater. Notably, the total amount of these reserves needs is 20 billion won.<\/p>\n

Impact on Major and Minor Players<\/strong><\/h2>\n

Despite the potential costs associated with these new laws, well-known South Korean crypto exchanges<\/a> with high trading volumes, like Upbit and Bithumb, are anticipated to comply with them without incident. The largest cryptocurrency exchange in the nation, Upbit, has pledged to \u201cfaithfully implement\u201d these new rules, according to representatives. Bithumb has similarly declared that it is getting ready for the new criteria \u201cwithout a hitch.\u201d<\/p>\n

Smaller trading platforms, particularly those that primarily engage in coin-only markets or lack crypto-to-fiat pairings, may find the situation to be more difficult. Historically, neither bank accounts nor reserve building were necessary for these deals. In an effort to remain competitive in the market, some of them have decided to work with banks to provide such accounts. The Specific Financial Information Act, which was put into effect in 2021, is likewise in line with this choice.<\/p>\n

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In order to prevent money laundering and the funding of terrorism, the Specific Financial Information Act aims to control the reporting and use of specific financial transaction data. The implementation of this regulation has impacted trading volumes for smaller platforms by directing traders toward larger exchanges with strict compliance procedures.<\/p>\n<\/p><\/div>\n

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(Originally posted on : Crypto News – iGaming.org ) South Korean bitcoin exchanges are now forced to set up a financial safety net in an effort to improve consumer safeguards. As a precaution, this regulation requires exchanges to reserve a minimum of 3 billion won ($2.3 million), or 3 billion won, in bank accounts. New […]<\/p>\n","protected":false},"author":34,"featured_media":23149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23148"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23148"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23148\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23149"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}