News list for " financial services commission"
Kim Byung-hwan, chairperson of South Korea's Financial Services Commission (FSC), said he plans to announce his position on allowing businesses to invest in virtual assets (cryptocurrencies) as soon as possible, while also expediting preparations for the stablecoin regulatory system and the second phase of legislation.
South Korea's Financial Services Commission (FSC) has reported its first case of unfair trading under the Virtual Asset User Protection Act, which came into effect in July 2024 and requires local virtual asset service providers (VASPs) to report unusual trading and investigate unfair trading patterns. According to the FSC, the suspect used a "pump and dump" technique to manipulate the market, artificially inflating the price of a cryptocurrency by initiating multiple payers, and then selling a l...
South Korea's Financial Services Commission (FSC) said it plans to gradually lift restrictions on institutional investors opening accounts on cryptocurrency exchanges. The FSC will work with the Digital Assets Commission to open up the participation of non-profit organizations for the first time. Currently, South Korea's Financial Information Use Act only allows real-name verified retail investors to trade cryptocurrencies. The move is part of President Yoon's commitment to promote the developme...
South Korea's Financial Services Commission (FSC) is actively pushing for amendments to the law to critically scrutinize major shareholders and governance of crypto exchanges. Currently, the FSC lacks the statutory authority to scrutinize shareholders under existing laws, including the Virtual Asset User Protection Act. In a parliamentary audit, FSC Chairperson Kim Byoung-hwan said that amendments to the Act on Reporting and Use of Specific Financial Transaction Information have been submitted t...
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