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

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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