#koreacryptoregulation
koreacryptoregulation
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#KoreaApprovesTighterCryptoExchangeRules 🇰🇷 South Korea tightens regulation of crypto exchanges!
On August 11, the cabinet of ministers approved amendments to the Law on Special Financial Information.
Key changes:
· The Travel Rule now covers all transfers; the 1 million won (~$700) threshold has been removed to prevent transaction splitting.
· Exchange requirements have been tightened: the debt service coverage ratio must not exceed 200%, enhanced scrutiny of major shareholders, implementation of internal control systems, and hiring of specialized personnel.
· Additional checks are introduced for transfers to foreign exchanges and personal wallets.
Registration provisions take effect on August 20, and the Travel Rule—six months later. The market is expecting a crackdown!
🔥 Do you think these measures will strengthen oversight or choke the crypto industry in South Korea? 👇
#KoreaCryptoRegulation #Trade 👇
On August 11, the cabinet of ministers approved amendments to the Law on Special Financial Information.
Key changes:
· The Travel Rule now covers all transfers; the 1 million won (~$700) threshold has been removed to prevent transaction splitting.
· Exchange requirements have been tightened: the debt service coverage ratio must not exceed 200%, enhanced scrutiny of major shareholders, implementation of internal control systems, and hiring of specialized personnel.
· Additional checks are introduced for transfers to foreign exchanges and personal wallets.
Registration provisions take effect on August 20, and the Travel Rule—six months later. The market is expecting a crackdown!
🔥 Do you think these measures will strengthen oversight or choke the crypto industry in South Korea? 👇
#KoreaCryptoRegulation #Trade 👇
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