{"id":82260,"date":"2023-07-27T13:17:33","date_gmt":"2023-07-27T10:17:33","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82260"},"modified":"2025-09-12T03:56:54","modified_gmt":"2025-09-12T00:56:54","slug":"south-korea-urges-crypto-exchanges-to-strengthen-compliance-controls","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/south-korea-urges-crypto-exchanges-to-strengthen-compliance-controls\/","title":{"rendered":"South Korea urges crypto exchanges to strengthen compliance controls"},"content":{"rendered":"<p>The authorities in South Korea will help <span data-descr=\\\"provider of services in the field of virtual assets \\\" class=\\\"old_tooltip\\\">VASP<\/span> strengthen compliance with the law and bolster measures to combat crime. The decision<a href=\\\"https:\/\/www.fsc.go.kr\/no010101\/80488\\\">was made<\/a> following a meeting between the Financial Intelligence Agency and five leading industry players.<\/p>\n<p>Among them are: Upbit, Bithumb, Coinone, Corbit, Gopax.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cWe plan to strengthen the compliance framework and increase the predictability of its application,\u201d<\/em> \u2014 the document says.<\/p>\n<\/blockquote>\n<p>The day before, the government<a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-forms-task-force-to-tackle-crypto-crime\"> launched<\/a> a division to combat cryptocurrency crime. The initiative is driven by a surge in illicit activity in the digital-asset market and the lack of legal protection for investors.<\/p>\n<p>The so-called Unified Center for Crypto-Crime Investigations will be staffed by 30 investigators from the Prosecutor&#8217;s Office, the Financial Supervisory Service, the National Tax Service and the Korea Customs Service.<\/p>\n<p>Officials at the Prosecutor&#8217;s Office explained that the structure would fill the gap in investor protection until the digital-asset market begins to be regulated in accordance with the law.<\/p>\n<p>The center will focus on investigations into highly volatile crypto assets, illicit trading practices, tax evasion, unauthorised transfers of foreign currencies, concealment of criminal proceeds and money laundering.<\/p>\n<p>In June 2023, the South Korean parliament<a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-passes-bill-on-digital-assets\"> passed<\/a> the Digital Asset User Protection Act.<\/p>\n<p>The act consolidated 19 separate bills related to cryptocurrencies. It defined liability for offenses such as insider trading, market manipulation, and unfair trading practices.<\/p>\n<p>From January 2024, the FCS<a href=\"https:\/\/u1f987.com\/en\/news\/south-korea-to-require-disclosure-of-digital-asset-holdings\"> will require<\/a> firms to disclose information on the presence of digital assets on their balance sheets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The authorities in South Korea will help VASP strengthen compliance with the law and bolster measures to combat crime.<\/p>\n","protected":false},"author":1,"featured_media":82261,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,1154,36,974],"class_list":["post-82260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-crimes","tag-regulation","tag-south-korea"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82260","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=82260"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82260\/revisions"}],"predecessor-version":[{"id":82262,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/82260\/revisions\/82262"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/82261"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=82260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=82260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=82260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}