South Korea has adopted a zero-tolerance principle to tackle the increasing crypto hacks and illegal practices.
The FSS Governor Lee Bok-hyun emphasizes the need for companies to comply with regulations.
The regulators will closely monitor crypto fluctuations, prioritizing user protection.
The South Korean Financial Supervisory Service (FSS) announced plans to implement strict regulations for the crypto industry.
FSS Governor Lee Bok-hyun introduced a zero-tolerance policy to combat unfair crypto trading practices. This initiative aims to protect investors and reduce illegal activities in the market.
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In a meeting with industry leaders and experts, Governor Lee Bok-hyun warned of growing threats in the crypto market and stressed the need for companies to comply with regulations. He said the regulator would monitor market fluctuations closely, particularly sudden price swings of new tokens.
Under the zero-tolerance policy, the FSS will take action against rule-breakers when they identify suspicious transactions or spam. He added:
“The financial government will continue to e…
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