South Korea Tightens Regulation of Crypto Exchanges 🇰🇷

📢 Increased Oversight: The Financial Supervisory Service (FSS) of South Korea is tightening its oversight of virtual asset exchanges, focusing on detecting illegal or suspicious activities.

⚖️ Severe Penalties: The FSS will impose strict penalties on violations and may propose regulatory changes to plug gaps in the system.

🛡Virtual Asset User Protection Act: This is in line with the Virtual Asset User Protection Act, which came into effect on July 19, requiring exchanges to segregate customer assets from exchange funds and insure against cyberattacks.

🌐 Global Trends: Countries such as Hong Kong and the UK are also increasing regulation of crypto platforms.

🔗 Source: CryptoDnes (https://cryptodnes.bg/en/south-korea-cracks-down-on-crypto-exchanges-tightens-oversight/)

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