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Virtual Assets Platforms In South Korea Asked to Hold Minimum Reserves By September

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According to the South Korean local news outlet, the authorities have placed a new mandate on the cryptocurrency exchanges in the country.

The latest mandate states that every cryptocurrency exchange in South Korea should at least retain $2.26 million (3 billion won) as bank reserves starting from September.

To achieve its responsibility to compensate users for damages in the event of loss or accidents like computer failure or hacking, the South Korean authorities made a new directive for Virtual Assets exchanges in the country.

READ ALSO:Reportedly Binance Acquisition Agreement With Gopax Failed

The Korea Federation of Banks is readying to decree that all South Korean crypto exchanges with real-name accounts should prepare a minimum reserve fund.

Reports from local news outlets show that the latest rules demand at least a minimum of 3 billion won funds, approximately $2.26 million.

Quick Takes

  • This latest mandate by the South Korean authorities originated from the “Virtual Asset Real-Name Account Operation Guidelines,” launched by the Korean Federation of Banks.
  • The crypto exchanges are asked to prepare at least 30% of their everyday average deposits and around $15.07 million (20 billion won) or 3 billion won.
  • Moreover, giant crypto exchanges such as Bithumb and Upbit have followed the guidelines. The details of the reserve specifications show that crypto exchanges must retain the majority of 2 amounts, 30% of their daily average deposits.
  • Furthermore, crypto exchanges such as Upbit, which has huge daily deposits, have a reserve cap if the daily deposit of 30% is more than 20 billion won. The reserve is allowed to stay within this figure.
  • Apart from this financial protection, this mandate from the Korean banking sector stressed the need for higher consumer safety. In addition, improved protocols for Know-Your-Customer (KYC) verification and an additional authentication procedure for transferring funds have been set out.
  • Although the diversified rules will be released by January 2024, the decisive point of “reservation accumulation” will commence by September.
  • Meanwhile, the Financial Services Commission’s FIU (Financial Intelligence Unit) is active. They have outlined the “standards for issuing bank real-name accounts. Also, they have initiated a dialogue with various Korean banks.

What’s Happening In CrypAtday?

As of the time of this writing, Bitcoin is trading at  $26,060.99, with a drop in market cap by 0.19% and an increase in trading volume by 43.17%,

Ethereum, on the other hand, is presently trading at $1,647.78, with a drop in market cap by 0.58% and an increase in trading volume by 60.34%.

  • Meanwhile, the USD Coin is currently trading at $1.00, with a drop in market cap by 0.08% and an increase in trading volume by 59.00%.
  • Cardano right now is trading at $0.2619, with a drop in market cap by 1.10% and an increase in trading volume by 1.82%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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