The FSC revised its rules to apply strengthened policies in order to prevent or detect money laundering and illegal activities because they aren’t opposed to cryptocurrencies.
From now on the cryptocurrency exchanges of South Korea form a new industry named “Cryptocurrency Exchange and Brokerage” able to operate at a large capacity with full government support.
The fact-finding inquiry into the practices of crypto exchanges is intended to ensure all mandatory procedures of registration are being followed with transparency.
Following a recent hack resulted into $533 million-worth theft of the NEM token from Coincheck, a group of 16 registered Japanese cryptocurrency exchanges joins forces to establish a self-regulatory body in April.
Major hack in Japan has become a reason of considering a necessity to create a new entity that will regulate the cryptocurrency industry in the country.
While the market continues to achieve new record highs, it’s becoming more and more challenging for ordinary, esp. novice investors to make a profit.