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South Korean Regulator Unveils Plan to Inspect Crypto Exchanges for Illegal Practices

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South Korea’s financial regulator, the Financial Supervisory Service (FSS), will inspect crypto exchanges to identify illegal practices following stricter regulations under the Virtual Asset Users Protection Act. The review aims to ensure compliance and safeguard crypto assets, with severe penalties for violations, including life imprisonment for profiting over five billion won illegally. South Korea’s Financial … Read more

Terraform Labs CEO Do Kwon Faces Extradition to South Korea

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According to a report published by AFP, Do Kwon, CEO of Terraform Labs, has been charged with document forgery in Montenegro. Kwon was arrested at the Podgorica airport while traveling with fake documentation. South Korean prosecutors have said the Terra co-founder faces extradition to South Korea. Montenegro Police’s Account of the Falsified Travel Documents Found … Read more

7 Korean Cryptocurrency Exchanges Pass Government Security Inspection

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The South Korean government has released the results of its security inspection of cryptocurrency exchanges. Only seven of them passed all 85 of the inspection points. Fourteen previously-inspected exchanges still have not improved and 17 new crypto exchanges did not meet security standards. Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations … Read more

Japanese Regulators Urgently Respond to Zaif’s Hack

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Following the hack of Zaif, one of Japan’s regulated crypto exchanges, the country’s financial regulator immediately responded, launching an emergency inspection of the exchange and a survey of all other crypto exchanges. Finance Minister Taro Aso has also commented on the situation. In addition, the recently established self-regulatory body has asked all exchanges to inspect … Read more

Japanese Regulator Unveils Crypto Regulation Updates

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Japan’s financial regulator has recently unveiled the current state of the crypto regulations in the country. Three crypto operators are currently being reviewed. With 160 companies wanting to enter the space, the regulator plans to add more personnel to help review new applicants. In addition, a self-regulatory plan for crypto exchanges has also been submitted … Read more

Korean Government: 11 out of 21 Crypto Exchanges Complete Security Measures

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The South Korean government has announced the outcome of its inspection of 21 cryptocurrency exchanges. While a number of exchanges have completed implementing both short-term and wallet management measures, many security vulnerabilities remain at most exchanges. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 21 Exchanges Inspected South Korea’s government has announced the result … Read more

Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire

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The self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space 12 Exchanges Pass Security Checks The Korea Blockchain Association (KBA) held … Read more

Korean Regulations: Policy Easing, New Crypto Classification, Central Bank Report

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South Korea has been busy revising its cryptocurrency regulations. The regulators plan to ease the rules on crypto assets in line with G20 policies. While a new crypto classification system has been created, another government agency is conducting an on-site inspection of crypto exchanges following multiple hacks. In addition, the Bank of Korea has released … Read more

New Self-Regulatory Rules for Crypto Exchanges in South Korea Clarified

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The majority of South Korean cryptocurrency exchanges are implementing new self-regulatory rules and performing self-inspection. The industry group in charge of leading the efforts has clarified the differences between the new and old self-regulatory rules for its 23 exchange members. Also read: Russian Regulators Draft Law to Restrict Crypto Mining, Payments, and Token Sales Promoting Safe … Read more

Cryptocurrency Exchange Kraken Withdraws from Japanese Market

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Cryptocurrency exchange Kraken is suspending all of its services to Japanese residents. The exchange has been allowed to operate in Japan while its application with the country’s financial regulator is being reviewed. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Kraken Pulling Out of Japan Kraken announced on Tuesday the suspension of its services … Read more