Some jurisdictions are recently putting up regulatory measures to curb cryptocurrency asset investment challenges. Among the many countries on this move is South Korea. The government is making a few recommendations that will serve as protection for cryptocurrency investors.
In addition, it issued some guidelines for companies operating within the crypto industry in South Korea. The National Assembly received a report from the country’s Financial Services Commission (FSC) concerning new cryptocurrency regulations.
According to the report, lawmakers are pushing for measures that could help curb some slippery areas around crypto transactions. Hence, the regulations aim to eliminate crypto wash trading, insider trading, and pump-and-dump setups.
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South Korea already has the Capital Markets Act that governs its cryptocurrency industry. However, once the new regulations become effective, their enforcement will be stricter. Also, there would be harsher penalties for non-compliance.
The licensing will feature different aspects depending on the possibility of expected risks. So, they will permit crypto exchanges and coin issuers, especially firms involved in initial coin offerings. The country’s Daily received the report on Tuesday from the Comparative Analysis of the Virtual Property Industry Act.
A compilation from the legislative outlines the pattern and flow process for the new crypto regulations. Firms on crypto coin issuing would first hand over a whitepaper of their project to the FSC.
Also, their documentation would contain information concerning the company’s staff. Finally, they would list out their spending plans for all their ICO-generated funds and the project’s potential risks.
Moreover, before making changes or updates on their project’s whitepaper, the companies must first notify the FSC. The regulatory body must get pre-information one week before the changes can apply.
Similarly, all foreign companies are not exempted from the rule. Once they intend to trade their coins on exchanges in South Korea, they must also comply with the regulations on the white paper.
The current market indeed requires an elaborate regulation for coin issuers. So, using a solid and reliable licensing system would provide adequate protection for crypto transactions.
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The sudden price fall of the Terra protocol had catalyzed a detailed market crash. Do Kwon, the founder of the project and a South Korean, is likely to face the National Assembly for an explanation of this occurrence.
Furthermore, the licensing report strives to mitigate unpleasant trades allegedly linked to some coin issues and exchanges. For several years, most of these companies were alleged to engage in price manipulations, insider trading, wash trading, and other shady operations. Hence, the report plans on in-depth regulations for those actions.
The FSC regulatory processes seem to cut across stablecoins as well. This was before the challenges of Tether (USDT), TerraUSD (UST), and Dei (DEI) occurred last week.
The regulatory requirement on stablecoins would cut across their asset management. This would measure the number of minted tokens and their use of collateral.
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