South Korea Tightens Crypto Regulations; What’s The Reason?
South Korea's new cryptocurrency regulations aim to protect investors and align with recent legislation.
The country's cryptocurrency exchanges will reevaluate over 1,300 cryptocurrencies for the next six months.
Strict penalties are set for violations, including potential life sentences for major infractions or fines of an amount twice that of their illegal earnings.
South Korea's new cryptocurrency regulations are scheduled to come into effect on July 19, 2024, according to the Financial Services Commission.
The regulatory will oversee the token listing process and assets failing to meet the established standards will be excluded from trading.
South Korea's influence in the global crypto market is growing, with significant gains and user base expansion expected by 2028.