South Korea Tightens Crypto Regulations with New Reserve Rule
Starting September, South Korean crypto exchanges must set aside at least 3 billion won ($2.3 million) in bank reserves. The reserves are meant to cover potential damages to users in case of a risk event.
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Major exchanges like Upbit and Bithumb are already on track to meet these new guidelines, which were released in July by the Korea Federation of Banks.
This comes after South Korea passed 19 crypto-related bills in June, granting regulatory bodies more oversight on crypto operations.
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