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South Korea’s Financial Regulator Holds Closed Door Meeting With 20 Crypto Exchanges – Regulation Bitcoin News


Regional reports suggest that the Financial Services Commission (FSC) of South Korea held a closed-door meeting with around 20 different cryptocurrency exchanges on June 3. The report said that the Virtual Asset Business Operators (VASPs) participating in the meeting had ISMS (Information Security Management System). ) certification.

South Korean regulator holds closed-door meeting with 20 VASPs

a report good D.Street, citing unnamed sources, said that the South Korean FSC met with 20 “small and medium-sized exchanges in South Korea” to discuss the cryptocurrency environment.

Insiders further said that exchanges may submit details of complaints to the financial regulator. ISMS certified exchange representatives attending the meeting came from companies such as Upbit, Bithumb, Korbit, Coinone, Kordax, Coinncoin, Tennten, Poblegate, and Flybit.

The meeting is called “Report Registration Guidance Consultation” and the report states that only Upbit, Bithumb, Korbit and Coinone have met the “real name” trading requirement. These four crypto exchanges are known as the “Big Four” in South Korea. D.Street highlighted that 16 small to medium exchanges expressed difficulties in fulfilling the “real name” mandate.

South Korean citizens with foreign crypto accounts will be required to report holdings in 2023

Meanwhile, another report good Details that South Korea’s national tax service (NTS) disclosed that residents with accounts at foreign crypto exchanges must report their crypto holdings to the tax authorities. NTS notes that foreign crypto regulations will take effect on January 1, 2022, and require people to report crypto holdings by June 2023.

The news follows the Financial Supervisory Service (FSS) assigned To lead cryptocurrency regulatory efforts in South Korea. In addition, the relation of regulators in South Korea’kimchi premium‘ on certain crypto assets in the country.

What do you think about the closed meeting with 20 exchanges and the South Korean FSC? Let us know what you think about this topic in the comment section below.

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