South Korea raises controversy again over cryptocurrency

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With the altering policies and policies governing cryptocurrencies in South Korea, cryptocurrency exchanges have begun to stop buying and selling certain cryptocurrencies, which regulators view as high-risk cryptocurrencies for investors.

According to a record by Arirang internet site today, 11 out of 20 exchanges that obtained the Security Management System certification both stopped trading cryptocurrencies or issued warnings about them.

The trade Huobi has additionally suspended trading of the digital currency Huobi, while the trade Coinbit has stopped trading 8 cryptocurrencies and put 28 cryptocurrencies on the warning list, in accordance to the equal report.

The certification, issued with the aid of the Korea Internet and Security Agency (KISA), is a requirement for cryptocurrency carrier companies to operate inside South Korea.

The certification was once developed to coincide with the up to date regulatory framework of South Korea's updated Financial Transaction Reporting Law, whereby all cryptocurrency exchanges should register with the country's regulators by using September 24, 2021.

This improvement represents any other occasion in which South Korean regulators are putting more pressure on the neighborhood crypto industry.

Last Sunday, the Korea Times said that banks will start refusing offerings to clients who fail to comply with identity tests or these who fail to document suspicious activity.

In addition, the country's monetary regulators have begun the procedure of imposing fines of a hundred million received on trade personnel who are caught trading on their personal platforms.


IMG Soucre


Posted via proofofbrain.io



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