South Korea's FSC Mandates Frequent Asset Checks for Crypto Platforms

South Korea's Financial Services Commission (FSC) has instructed local cryptocurrency exchanges to implement a system for reconciling internal ledgers with actual crypto asset holdings every five minutes by the end of May. According to Foresight News, exchanges are also required to disclose asset matching balances daily and undergo monthly external audits by accounting firms. Currently, three of the five major local crypto exchanges conduct asset checks every 24 hours, while the other two perform checks every 5 to 10 minutes. Additionally, regulators have identified deficiencies in the exchanges' circuit breaker mechanisms during significant asset mismatches.