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South Korea Targets VASP Accountability With New Proposal


by Coin Edition
for CoinEdition
South Korean Lawmaker Pushes for Stronger Crypto User Protection Amid Industry Growth
  • South Korea aims to improve crypto user protections with new reporting rules for service providers.  
  • Suspicious crypto transactions rose 48.8%, prompting tighter regulations in South Korea.  
  • South Korea’s virtual asset laws could allow corporate ownership by 2025, boosting regulation.

A South Korean lawmaker has proposed an amendment to better protect users of virtual assets in the country. Kim Hyun-jung, a member of the Democratic Party of Korea (DPK), therefore proposed a change to the Virtual Asset User Protection Act. It aims to increase transparency and accountability in the country’s growing virtual asset market.

This action comes as the crypto market grows in South Korea, with financial institutions moving into the digital asset space. The amendment seeks to improve communication between virtual asset service providers (VASPs) and the Financial Services Commission (FSC).

If passed, VASPs must immediately report any incidents that could disrupt their services, such as hacking or system failures.

Also, these providers must update their websites to keep users informed of any issues. This rule will keep customers updated during security breaches or…

The post South Korea Targets VASP Accountability With New Proposal appeared first on Coin Edition.

Read the article at CoinEdition

Read More

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South Korea Targets VASP Accountability With New Proposal


by Coin Edition
for CoinEdition
South Korean Lawmaker Pushes for Stronger Crypto User Protection Amid Industry Growth
  • South Korea aims to improve crypto user protections with new reporting rules for service providers.  
  • Suspicious crypto transactions rose 48.8%, prompting tighter regulations in South Korea.  
  • South Korea’s virtual asset laws could allow corporate ownership by 2025, boosting regulation.

A South Korean lawmaker has proposed an amendment to better protect users of virtual assets in the country. Kim Hyun-jung, a member of the Democratic Party of Korea (DPK), therefore proposed a change to the Virtual Asset User Protection Act. It aims to increase transparency and accountability in the country’s growing virtual asset market.

This action comes as the crypto market grows in South Korea, with financial institutions moving into the digital asset space. The amendment seeks to improve communication between virtual asset service providers (VASPs) and the Financial Services Commission (FSC).

If passed, VASPs must immediately report any incidents that could disrupt their services, such as hacking or system failures.

Also, these providers must update their websites to keep users informed of any issues. This rule will keep customers updated during security breaches or…

The post South Korea Targets VASP Accountability With New Proposal appeared first on Coin Edition.

Read the article at CoinEdition

Read More

Altcoins roar as Bitcoin hits new all-time highs, Cardano and XRP surge over 10%

Altcoins roar as Bitcoin hits new all-time highs, Cardano and XRP surge over 10%

Bitcoin (BTC) registered a new all-time high of $118,287.46 on July 11 and is up 3.3%...
Tether/Circle Stablecoin Supply Growth Signals Strong Liquidity Backing Crypto Rally

Tether/Circle Stablecoin Supply Growth Signals Strong Liquidity Backing Crypto Rally

The market capitalization of the two largest stablecoins — USDT and USDC — reached ne...