News list for "fsc"
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) held its second virtual asset committee meeting on January 15, suspending a decision on corporate cryptocurrency trading accounts. Kim So-young, vice chairperson of the FSC, said that after 12 subcommittee and working group discussions, the relevant policy review is nearing completion. The meeting focused on the implementation of the second phase of the Cryptocurrency Investor Protection Law, which involves regulatory requirements such as issuanc...
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...
On December 24th, South Korea's Financial Services Commission (FSC) denied reports that "companies will be allowed to issue virtual asset (cryptocurrency) real-name accounts from next year," saying that it is still under discussion. In addition, there are media reports that the launch of virtual asset ETFs has been delayed after the revision of the virtual asset law, but FSC officials responded that this is not true.
South Korea's Financial Services Commission (FSC) plans to allow public institutions such as universities to trade cryptocurrencies by 2025, eventually allowing companies to open enterprise crypto wallets. Several major universities have received cryptocurrency donations in recent years. But current government guidelines prohibit them from selling cryptocurrencies for cash. Although there is no law explicitly prohibiting public institutions and public institutions from...
The South African Financial Conduct Authority (FSCA) has announced that, although the West Gap Branch High Court has revoked the funds preservation order against the South African exchange Banxso (Pty) Ltd, Banxso's Financial Services Provider (FSP) license is still revoked, and the company cannot conduct financial services business, and its funds can only be used to relocate customers to other financial services providers authorized by the FSCA. The Banxso-related case is tentatively scheduled ...
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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