digitalassetbasicact

ETH: South Korea may change how banks work with crypto exchanges 🔄

The country is looking to create a more balanced market by reviewing current banking rules for cryptocurrency exchanges. This move aims to reduce high entry barriers and boost competition, especially for smaller firms. 👇

🔍 A recent study found that the "one-exchange-one-bank" model limits access for small players and often benefits larger platforms due to better liquidity.

💰 While this setup helps manage financial risks, some argue it may be too strict, hindering innovation and diversification in a market dominated by a few big players. 💡

🕒 Lawmakers are now delaying key legislation that could allow stablecoins backed by the won, but questions remain about how to properly oversee these digital assets without compromising safety.

What do you think? Do you see this as an attempt to create a fairer market or might it have unforeseen consequences? 👇

Are you paying attention or sleeping on this? 😴

#ETH #DigitalAssetBasicAct #SouthKoreaCryptoMarket

#southkoreadraftlawtargets15to20%shareholdercap
📢 Regulatory Shift in South Korea: The 15%–20% Major Shareholder Cap 🇰🇷💼

🇰🇷 South Korea is taking bold strides to reshape its digital asset landscape. Regulators are advancing a landmark framework under the upcoming Digital Asset Basic Act targeting a 15% to 20% major shareholder cap specifically for cryptocurrency exchanges.

👉 Here is what you need to know:

🛡️ Curbing Market Monopolies: Driven by the Financial Services Commission (FSC), the initiative aims to prevent single entities or founders from exercising oversized market dominance and conflicts of interest.

🏛️ Impact on Giants Like Upbit & Bithumb: Platforms with heavy ownership concentration—such as Upbit (Dunamu) and Bithumb—will face profound structural changes, forcing dominant stakeholders to divest excess stakes or manage voting right restrictions.

📜 Stricter Licensing & Compliance: Shifting away from a simple registration system toward a robust, tightly regulated licensing framework to mirror traditional financial institution standards.

⏱️ Transition & Evolution: Regulators are weighing a grace period to help platforms handle cap tables and secondary block sales without disrupting market flow.

As South Korea tightens its grip on compliance, governance standards for digital asset platforms are entering a brand new era. 📉📈
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#SouthKoreaCrypto #DigitalAssetBasicAct #Bithumb #Upbit

South Korea proposes delaying crypto income tax, prioritizing Digital Asset Basic Act

- South Korea’s ruling party has officially proposed postponing the introduction of taxes on crypto income.
- The party leader stressed that the Digital Asset Basic Act should be enacted first, providing a comprehensive legal framework for crypto.
- The RSS source has not provided further details about the timing or specific provisions.
#BinanceSquare #CryptoNews #SouthKorea #CryptoTax #DigitalAssetBasicAct

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Source: The Block