Last month the South Korean government announced launching crackdowns to reveal unregulated crypto firms in the country. The nation’s law execution agency has now stressed that non-compliance will attract penalties. Domestic sources indicate that the operation to ban police officers from holding digital assets aims to introduce more transparency to KNPA departments. The move follows the announcement by the government to deal with illicit cryptocurrency activities.
The Korean government stated that the increasing crypto demand has online theft risks. Traders in the market will witness more efforts by the administration to prevent fraud. They are planning to take the operation from April to June. Various financial regulators, ministries, law enforcement agencies held a meeting recently to discuss countermeasures to deal with crypto fraud. Should we expect more rules by summer? For now, everything remains uncertain as far as new crypto policies in the Korean trading sector.
South Koreans Access More Crypto Than American!!
As the KNPA banned its officers from holding crypto assets, media reports shifted attention to the multiple digital assets available in the South Korean crypto market.
Chosun Ilbo daily reported that the nation has more crypto exchanges than the United States and Japan. Surprising? At the moment, more than 200 cryptocurrency platforms are operating in the country. However, the Financial Services Commission cautioned to shut down unregulated crypto firms. Exchanges dealing with various volatile currencies need to register with the supervisor to continue operating.
However, Korean exchanges are used to currency variety in the market. UpBit, the country’s largest cryptocurrency broker, offers you 178 different tradeable currencies. Bithumb, on the other hand, supports 170 cryptocurrencies. In comparison, the leading crypto exchange in the US, Coinbase, offers 58 assets, and each registered crypto platform in Japan trades 29.
Choi Gong-Pil, a Korean financial official, said that agreements between exchanges and issuers facilitate most crypto transactions. He stated that the lack of market transparency and the existing industry regulations contribute to the risky nature of the crypto space.
Do you have any opinion regarding Korea banning police officers from holding digital coins? Will the approach help to curb criminal activities in the cryptocurrency sector? Comment below.
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