Key Points:
The unveiling of the “2024 Work Plan” signals a proactive approach to addressing challenges in the digital currency landscape.
The FIU’s strategy involves rigorous inspections and enforcement of strict regulatory standards on virtual asset exchanges. Through a two-phase inspection process, the agency aims to weed out non-compliant platforms, emphasizing anti-money laundering (AML) protocols and market functionality assessments.
The FIU seeks expert advice through consultations with the Policy Advisory Committee, leveraging legal and financial expertise to bolster regulatory efforts. Inclusion of professionals like lawyers and accountants underscores South Korea’s meticulous approach to ensuring compliance.
South Korea’s initiative targets unauthorized exchanges to safeguard the Korean won market and strengthen AML measures. By evaluating major shareholders’ backgrounds and applying stricter criteria, the FIU aims to mitigate risks to investors and market integrity.
South Korea aligns its regulatory framework with Financial Action Task Force (FATF) guidelines, reflecting its commitment to global best practices. This international perspective is crucial given the country’s significant role in the global crypto market.
Upcoming regulations, including the Virtual Asset User Protection Act, aim to curb market manipulation and enhance security measures. Mandates for user fund management through banks and secure storage address investor protection concerns.
Transparency and Accountability Measures such as disclosing cryptocurrency holdings by high-ranking officials promote transparency and prevent conflicts of interest. These efforts underscore South Korea’s commitment to accountability and market fairness.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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