South Korea Denies Plans to Regulate Virtual Asset Exchanges

IconCryptoNewsTerminal Staff14 Jun, 2024

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South Korea Denies Plans to Regulate Virtual Asset Exchanges

Amidst recent market volatility, the Financial Services Commission (FSC) of South Korea has refuted claims that it is considering a plan to restrict the operations of domestic virtual asset exchanges. According to the FSC, the reports circulating online misrepresent the contents of a report submitted to the National Assembly. The FSC clarified that no concrete measures to regulate virtual asset exchanges have been decided upon. While the report acknowledges the need to address potential conflicts of interest within the virtual asset industry, no specific guidelines or business divisions have been established. Discussions are ongoing, but the FSC emphasizes that the introduction of regulations remains an open question. This clarification comes as a response to concerns raised by industry participants and investors. The FSC's announcement provides reassurance that the regulatory landscape for virtual assets in South Korea is still evolving and that no drastic changes are imminent.

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