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South Korean Crypto Exchanges Face Stricter Regulations: Minimum Bank Account Balance Set to Safeguard Users

CryptoSouth Korean Crypto Exchanges Face Stricter Regulations: Minimum Bank Account Balance Set to Safeguard Users

Starting in September, South Korean cryptocurrency exchanges like Upbit and Bithumb will be required to maintain a minimum of $2.3 million in their bank accounts, according to local reports. This regulation, set by the Korea Federation of Banks, aims to protect exchange users. The guidelines stipulate that exchanges must keep either $2.3 million or 30% of their typical account funds, whichever is higher. However, they are not allowed to exceed $20 million using this approach.

South Korea introduced a cryptocurrency bill this year to safeguard cryptocurrency users. The legislation empowers significant financial institutions to oversee crypto exchanges and their financial holdings, enabling the imposition of penalties for unfair trading practices.

Last month, the South Korean government called on crypto firms to enhance their compliance capabilities, requiring the disclosure of cryptocurrency holdings, types, and usage. This initiative is designed to ensure transparency and maintain accurate records.

These new regulations in South Korea illustrate a proactive stance towards protecting cryptocurrency users and promoting accountability within the industry.

By FCCT Editorial Team

Disclaimer: The views expressed in this article are independent views solely of the author(s) expressed in their private capacity.

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