
South Korea Lifts Ban on Corporate Participation in Crypto Asset Trading
Exchanges will now be allowed to convert digital assets earned as fees into fiat currency, with regulatory safeguards in place to prevent market manipulation.
Exchanges will now be allowed to convert digital assets earned as fees into fiat currency, with regulatory safeguards in place to prevent market manipulation.
Seo Yoo-seok emphasizes the need for Bitcoin and Ethereum ETFs in South Korea to cater to the older generation, ensuring peaceful investment.
The FSC intends to develop a regulatory framework for stablecoins and expedite the next phase of virtual asset legislation, which includes regulating the issuance and listing of virtual assets.
The news comes on the heels of a recent meeting that was held by the country’s Financial Services Commission (FSC) on Wednesday.
In its bid to reposition itself as a crypto hub, South Korea is looking at easing policies to accommodate institutional buyers.
Taiwan’s new AML rules mandate VASPs to complete comprehensive compliance registration with severe penalties for non-compliance.
Taiwan is not alone in the efforts it is taking towards crypto regulation. There is a global trend of countries paying more attention to their crypto industry.
The discussion around lifting the ban on spot crypto ETFs opens up a broader conversation about market dynamics and competition within South Korea’s digital asset space.
Three private banks in Taiwan have expressed interest in offering crypto custodial services, with the initiative expected to begin in the first quarter of 2025.
The new rules will take effect on January 1, 2025, giving VASPs until September to register. Local reports confirm that companies not meeting these standards will face harsh penalties.
The ETF market already boasts of several products including Bitcoin, Ethereum, and Solana which was recently approved by Brazilian regulators.
Apart from safeguarding user funds, the legislation mandates that exchanges implement real-time monitoring systems to detect and report any suspicious trading activities that could be illegal.
Crypto exchanges such as Upbit, Coinone, GOPAX, and Bithumb could pay up to $220,000 or less, depending on their operational revenue.
Although an official CBDC pilot or issuance date remains unconfirmed, there are indications of a possible trial run later this year.
The association aims to shape the future of the crypto industry through self-governance.