According to the economy newspaper Hankyung, South Korean financial officials are a few illegal operating within the country Crypto para Sanction of the stock market is preparing to apply.
The Financial Intelligence Unit (FIU) determined the stock markets that are not registered as virtual asset service providers (VASPs) and therefore violated local regulations. Among the targeted stock exchanges are Bitmex, Kucoin, Coinw, Bitunix and Kcex, and all of them operate Korean websites without receiving the necessary approval from FIU.
These stock exchanges are considered illegal within the scope of South Korea’s solid crypto regulations, as they do not inform FIU, which controls the compliance with the country’s financial laws. An official from FIU said that the authorities are currently reviewing the options for preventing access to these uncompromrated overseas stock exchanges, which are currently in consultation with the Korean Communication Standards Commission.
FIU official, “the authorities to strengthen the communication between the compensation cases and relevant data, and this year we expect concrete measures to be taken,” he said.
This move followed a similar pressure last month, when the South Korean Exchange Upbit did not comply with regulatory requirements, it was prohibited from allowing new customers to transfer assets to their platform for three months.
*It is not an investment advice.
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Source: https://www.bitcoinsistemi.com/guney-koreden-bes-populer-kripto-para-borsasina-sok-yaptirim-ve-erisim-engeli-plani-var/
