S. Korea Bans Virtual Asset Services Staff From Trading Their Platform’s Tokens


South Korea banned digital asset providers suppliers (VASPs) and their employees from buying and selling tokens they subject, the nation’s Financial Services Comission (FSC) mentioned in a Wednesday statement.

  • Crypto providers suppliers should arrange inner processes for the battle of curiosity guidelines inside a month. Those who don’t might be dealing with suspension of enterprise and as much as KRW 100 million ($85,000) in penalties.
  • VASPs that serve South Korean prospects needed to register with the FSC’s anti-money laundering arm by this previous Friday. Most crypto exchanges didn’t make that deadline and suspended operations. Only 4 managed to fulfil all the factors such that they’ll supply buying and selling in Korean received.
  • The “conflict of interest rule” was handed at a cupboard assembly on Tuesday, and seeks to stop harm to customers in addition to enhance transparency within the trade, the FSC mentioned.

Read extra: Hours Before South Korean Registration Deadline, Only 10 Exchanges Have Applied