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South Korea tightens cryptocurrency regulations, introducing a minimum reserve fund mandate for exchanges. The Korea Federation of Banks initiative aims to buffer against hacking and system failures.
The requirements stipulate that cryptocurrency exchanges with real-name accounts must hold a minimum reserve fund of at least 3 billion won (approximately $2.26 million). The regulations specifically apply to exchanges that facilitate transactions between the Korean won and cryptocurrencies, and they will come into effect starting in September.
The introduction of the reserve requirement aims to safeguard users in the event of unforeseen issues. It is a precaution against potential hacking attacks or system failures that could jeopardize the funds held within the exchanges.
To comply with the new guidelines, cryptocurrency exchanges must maintain reserves ranging from 3 billion to 20 billion won (around $2.2-$15 million). Alternatively, exchanges must hold either 30% of their daily average deposits or at least $2 million in reserve, whichever amount is higher. For example, larger exchanges like Upbit must maintain 30% of their daily deposit requirement.
In addition to the reserve requirement, the guidelines will enforce stricter Know Your Customer (KYC) norms and rules for fund transfers. These additional policies are scheduled to be implemented by January 2024, except for the reserve requirement, which will take effect in September.
Top exchanges like Upbit and Bithumb have expressed their readiness to comply with these new guidelines. However, coin-only exchanges face challenges in meeting the requirements due to a lack of capital. Since introducing the revised Specific Financial Information Act in 2021, coin-only exchanges have significantly declined trading volume.
The Financial Services Commission's Financial Intelligence Unit (FIU) has reportedly drafted the rules in response to requests from cryptocurrency exchanges for a clearer crypto framework. These new regulations aim to ensure the stability and security of the cryptocurrency market in South Korea.
Photo: Art Rachen/Unsplash
