South Korea currently does not grant market-making exemptions: under the existing “Virtual Asset User Protection Act,” market making has not been carved out of the provisions on market manipulation. As a result, the buying and selling activities that market makers perform to provide liquidity could be considered manipulation, making actual market making very difficult.
When JPYC went live on Upbit, it opened at 12 won and, one hour later, peaked at 37.6 won—more than four times the anchored value. The report attributed this spike to limited liquidity on Upbit. An FSC official later said it would assess the need to introduce systems such as market making.
When JPYC went live on Upbit, it opened at 12 won and, one hour later, peaked at 37.6 won—more than four times the anchored value. The report attributed this spike to limited liquidity on Upbit. An FSC official later said it would assess the need to introduce systems such as market making.
