• Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
Facebook X (Twitter) Instagram
Trending
  • KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack
  • Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple
  • Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations
  • Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute
  • Yemenis are embracing DeFi in response to US sanctions on the Houthi group
  • Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst
  • Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support
  • Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’
Facebook X (Twitter) Instagram
CoinovelCoinovel
  • Home
  • Cryptocurrency
  • Blockchain
  • Analysis
  • News
    • Regulations Security
    • Getting Started
  • Insights
    • Opinion
    • Expert Interview
  • All Posts
CoinovelCoinovel
Home » Stricter regulations on cryptocurrency exchange listings put into effect by South Korea
Stricter regulations on cryptocurrency exchange listings put into effect by South Korea
Stricter regulations on cryptocurrency exchange listings put into effect by South Korea

Stricter regulations on cryptocurrency exchange listings put into effect by South Korea

0
By admin on 2024-04-05 Cryptocurrency, Regulations Security

South Korean financial authorities are set to introduce stricter regulations for token listings on centralized crypto exchanges by the end of April or early May, according to reports from local media outlet News 1. The new guidelines will prohibit the listing of digital assets that have been involved in hacking incidents on domestic exchanges, unless the root cause of the incident has been thoroughly determined. In addition, foreign digital assets will only be allowed to be listed on domestic exchanges if a white paper or technical manual is published specifically for the South Korean market. However, tokens that have already been listed on a licensed exchange for more than two years may be exempt from these new criteria.

The guidelines may also require exchanges to delist cryptocurrencies if the issuers fail to disclose essential information, such as discrepancies between the actual circulation and the disclosed amount. The South Korean government is currently seeking input from local exchanges in order to finalize the directives. Since late 2023, the Financial Supervisory Service has been working on listing guidelines by gathering feedback from stakeholders, including the Digital Asset Exchange Association.

The Financial Services Commission, a government agency responsible for overseeing and regulating financial institutions and financial markets in South Korea, issued an updated version of the Virtual Asset Users Protection Act in early February. The new legislation introduces significant criminal penalties and fines for violations, including imprisonment of over one year or a fine of three to five times the amount of illegal profits.

This legislative update was prompted by a major industry crisis involving Terraform Labs and its founder, Do Kwon, a South Korean citizen. Terra’s collapse in May 2022 resulted in losses of over $450 billion. In an effort to crack down on tax evasion related to cryptocurrencies, the Gyeonggi Provincial Tax Justice Department implemented a digital tracking system for crypto accounts, leading to the collection of 6.2 billion won ($4.6 million) in non-declared taxes in 2023.

The Financial Intelligence Unit of South Korea reported a 49% increase in flagged suspicious transactions by domestic digital asset exchanges in 2023 compared to the previous year. On February 14, the FIU outlined its work plan for 2024, highlighting key data and strategic initiatives for regulating the crypto market.

In related news, Crypto.com is expanding its operations in South Korea despite the growing regulatory scrutiny.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

  • Popular
  • Latest
  • Hot comments
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

Latest Gallery

Latest Recommendations
2025-04-18 Regulations Security

KiloEx Exchange Exploiter Restores All Stolen Funds Following $7.5 Million Hack

2025-04-18 Cryptocurrency

Hashkey Targets XRP ETF in Asia with New Fund Supported by Ripple

2025-04-18 Cryptocurrency

Sygnum Predicts Potential Altcoin Rally in Q2 2025 Due to Enhanced Regulations

2025-04-18 Regulations Security

Media Tycoon Files Counterclaim Against Justin Sun in $78 Million Sculpture Dispute

2025-04-18 Blockchain

Yemenis are embracing DeFi in response to US sanctions on the Houthi group

2025-04-18 Regulations Security

Saylor and ETF Investors’ ‘Stronger Hands’ Contribute to Bitcoin Stabilization — Analyst

2025-04-18 Cryptocurrency

Bitcoin Dip Buyers Show Interest at BTC Range Lows, Yet Remain Risk-Averse Until $90K Establishes Support

2025-04-18 News

Kyrgyzstan’s President Enacts CBDC Legislation Granting Legal Status to ‘Digital Som’

2025-04-17 Blockchain

Polygon’s Nailwal: The Jio Partnership Will Propel Real-World Web3 Adoption for 450 Million Users

2025-04-17 Blockchain

Babylon’s Total Value Locked Decreases by 32% as Wallets Unstake $1.2B in Bitcoin

2025-04-17 Regulations Security

OpenAI pursued a deal with Anysphere prior to shifting its focus to WindSurf

2025-04-17 Analysis

Bitcoin Gold’s Imitation Strategy Could Surpass $150K as BTC Remains ‘Remarkable’

2025-04-17 Cryptocurrency

AI Tokens and Memecoins Dominate Cryptocurrency Narratives in Q1 2025: CoinGecko

2025-04-17 Cryptocurrency

Four Reasons Why the Price of Bitcoin Could Surge to $90,000 in April

2025-04-17 News

Trump Criticizes Powell for Delaying Interest Rate Cuts, Calling It ‘Too Late’

2025-04-17 News

Wyoming Commission Considers Whether Stablecoin Falls Under SEC Regulations

About
About

Coinovel is an enthralling novel of cryptocurrencies. Engage with narratives, delve into stories, and journey through the captivating world of digital currencies.

X (Twitter) Telegram
Popular posts
2022-02-23 Getting Started

Cryptopedia: Unveiling the Metaverse’s Potential to Revolutionize the Internet

2022-03-07 Getting Started

Unveiling Cryptopedia: Grasp the fundamentals of DAOs and their operational mechanisms

2022-03-25 Getting Started

Cryptopedia: Explore Web3 and its goal to revolutionize internet services

Copyright © 2025 coinovel. All rights reserved.
  • Home
  • Cryptocurrency
  • Blockchain
  • Regulations Security
  • Analysis
  • Insights
  • News
  • Getting Started

Type above and press Enter to search. Press Esc to cancel.