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South Korean financial authorities are actively taking measures to regulate the securities attributes of virtual assets



Time:8/3/2022 2:55:56 AM

[South Korean financial authorities are actively taking measures to regulate the securities attributes of virtual assets] According to news on August 3, following the US Securities and Exchange Commission (SEC), South Korean financial authorities are also actively taking measures to regulate the securities attributes of virtual assets. South Korea’s Financial Supervisory Service (FSS) announced that in addition to FSS’s announcement of the “Securities Token Supervision Plan” at the end of the year, if it is clear that the tokens currently being traded are securities under the current law, the Financial Supervisory Authority may conduct investigations and sanctions. The person in charge of the FSC said that the Korean legal system is different from that of the United States, so it is necessary to review whether the token is a security under the Korean capital market law.

It is reported that DAXA, a joint consultation agency established by the five major crypto exchanges in South Korea (Upbit, Bithumb, Coinone, Korbit, and Gopax), is also discussing which virtual assets are securities through internal inspections and collecting external suggestions. However, the scope of security tokens is not clear, and it is difficult to ensure that such internal reviews are consistent with the legal judgment of the authorities. Therefore, the market expects that the Korean exchange will decide whether to list tokens through a more conservative judgment of securities attributes.

Earlier news, the U.S. SEC listed nine cryptocurrencies involved in the "Coinbase insider trading" incident as securities, and is investigating whether Coinbase listed unregistered securities. (Herald Economic News)

Other news:

Korea Institute of Finance: Virtual assets may become a major threat to South Korea’s financial stability: Jinse Finance reported that a report by the Korea Institute of Finance (Korea Institute of Finance) shows that due to the increasing connection between the encryption industry and traditional finance, South Korea’s booming The crypto space could one day threaten the country’s finances. The Korea Institute of Finance and Banking said the cryptocurrency industry currently has "minimal" influence on the country's financial markets, but that is about to change. Lee Dae-gi, a senior researcher at the institute, wrote in the report: Considering South Korea’s increasing exposure to cryptocurrencies and the emergence of related criminal cases, virtual assets may become a major threat to financial stability.

Citing data from International Monetary Fund (IMF) economist Tara Iyer, Lee said the growing correlation between cryptocurrencies and the stock market could amplify the impact of cryptocurrencies on financial markets. (Forkast)[2022/9/7 13:14:09]

Financial Supervisory Service of Korea: Debts of young Koreans have soared due to investments in cryptocurrencies, stocks, etc.: Data from the Financial Supervisory Service (FSS) released today by Rep. It is increased investment in cryptocurrencies, stocks and real estate. Millennials and Generation Z accounted for about 34 percent of South Korea's total household debt in 2019, a figure that grew to 45.5 percent in 2020 and is now 50.7 percent. (Cointelegraph)[2021/7/8 0:37:02]

South Korean Financial Regulators to Inspect Banks That Provide Business Accounts to Cryptocurrency Exchanges: According to a Yonhap report, the Financial Intelligence Unit and the Financial Services Commission (FSC) will start cracking down on businesses that offer business accounts to cryptocurrency exchanges next month. The exchange's bank conducts a check. The FSC had announced in January that banks would no longer be allowed to offer virtual accounts to investors on cryptocurrency exchanges from the end of the month, an effort aimed at preventing anonymous cryptocurrency transactions from being used for money laundering. According to the new regulations, South Korea's financial institutions have launched more real-name authentication of large exchanges. The new investigation comes as South Korea's government is ramping up efforts to ensure anti-money laundering mandates are effectively enforced across the country's financial system. [2018/3/22]

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