South Korea’s Financial Supervisory Service (FSS) is set to crack down on virtual asset exchanges, focusing on uncovering illegal or suspicious activities.
Reports indicate that the FSS will enforce strict penalties for any misconduct and may push for regulatory changes to address any gaps in the system. The upcoming inspections aim to ensure that crypto platforms adhere to current laws and identify any questionable transactions.
This move aligns with South Korea’s broader efforts to safeguard crypto investors, following the recent implementation of the “Virtual Asset User Protection Act.”
This law, effective since July 19, mandates protective measures such as separating customer assets from exchange funds and insuring against hacks.
Meanwhile, global regulators are also tightening their grip on digital asset platforms. For instance, Hong Kong has made operating an unlicensed crypto exchange a criminal offense, and the UK recently fined Coinbase’s British arm for compliance failures.
On September 18, during an interview at Token2049, Alex Svanevik, CEO of blockchain analytics firm Nansen, shared his insights on the potential impact of the 2024 U.S. presidential election on the cryptocurrency landscape.
Donald Trump and his sons launched their DeFi project, World Liberty Financial (WLFI), during a lengthy X Spaces session on Monday, but the event fell short of expectations.
The Swiss Stock Exchange, SIX, is setting its sights on the digital asset market by establishing a foothold in Europe for cryptocurrency trading.
Cryptocurrency exchange Bitget and Foresight Ventures have announced a significant $30 million investment in The Open Network (TON) blockchain.