Key Takeaways Upbit, a leading crypto exchange in South Korea has received temporary relief from a regulatory suspension that restricted it from onboarding new clients. A South Korean court approved an injunction delaying the Financial Intelligence Unit’s (FIU) three-month ban…
Key Takeaways South Korea’s Financial Services Commission (FSC) has initiated discussions on the second phase of its crypto regulatory framework, aiming to address gaps in the existing system and enhance investor protection. This was a key agenda item at the…
Key Takeaways South Korean lawmaker Kim Nam-kuk is facing potential imprisonment over allegations of failing to disclose crypto holdings during mandatory asset declarations in 2021 and 2022. Prosecutors have requested a six-month prison sentence for Kim, citing concerns over transparency…
Kim Nam-kuk, a lawyer and politician from South Korea, will apparently liquidate his bitcoin holdings due to a conflict of interest with his holdings.
Key Takeaways On October 10, during a National Assembly audit, South Korean lawmaker Lee Kang-il expressed concerns about the overwhelming market dominance of Upbit, the country’s largest cryptocurrency exchange, and its close partnership with K-Bank, an internet-only bank. Lee warned…
Key Takeaways The South Korean Ministry of Economy and Finance is evaluating new measures to regulate cross-border transactions involving stablecoins and other virtual assets. The ministry highlighted that while stablecoins are currently used mainly within the cryptocurrency ecosystem, they could…
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Major crypto operators like Upbit, Bithumb, and Coinone will now have to pay a supervisory charge as part of the recently imposed Virtual Asset User Protection Act in South Korea.
WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.
Key Takeaways South Korea has rolled out its first comprehensive crypto regulatory framework, the Virtual Asset User Protection Act (VAUPA). This legislation, prompted by the Terra-Luna and FTX collapses in 2022, aims to ensure safety nets for cryptocurrency investors and…
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