Unregistered Cryptocurrency Exchanges Must Register with South Korea FSC

smyslov

sr. member

Activity: 2002

Merit: 269

Quote from: nanaimogold on November 25, 2019, 06:32:47 AM

"The government of South Korea wants all unregistered crypto exchanges in the country to shut down. If they don’t, their owners may go to jail.

Recently, lawmakers of the country decided that all exchanges should register with the Financial Services Commission (FSC). Now it has created a bill that determined that any administrator who has not done so and continues to do business, it can serve up to five years in jail and will have to pay a fine of around $42,000 USD."

Is Regulation Just Around the Corner Guys?

https://telegra.ph/Unregistered-Crypto-Exchanges-Must-Register-With-South-Koreas-FSC-Or-Face-Jail-Time-11-22

We already have regulations so why asking if there are regulations, if you don't want to trade in a regulated exchanges then go for decentralized exchanges, South Korea is just right in shutting down unregistered exchanges, because it's risky to trade on these unregistered exchanges, because when there is a bad reports on these exchanges or scammed their traders, you cannot traced who are running it and if they are not transparent on all their dealings.

auntyjmary

jr. member

Activity: 368

Merit: 2

It seems the policy of the government wants all companies to abide by the existing business operation laws in the country. In plain terms, exchanges are also companies except that they operate online but they can't do their operations without going by the laws that exist in South Korea.

Katashi

sr. member

Activity: 672

Merit: 250

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Regulation may vary in each country and since South Korea are in good terms with cryptocurrency then I think it is natural for them to have all exchanges operating to be registered in order to protect their citizens from scam exchanges. I bet that more countries will follow this kind of action soon after they see some good improvements.

nanaimogold

sr. member

Activity: 661

Merit: 251

Quote from: DaMut on November 25, 2019, 09:15:33 AM

regulation for cryptocurrency or?
that is a regulation for the unregistered exchange, it has been happening for some time.
last year sec charged etherdelta for this too.

In my opinion, I think the exercise should be extended to all exchanges across the world. From South Korea to Hong Kong , China, USA and even Malta or Estonia. We need to put huge responsibility on exchanges towards ensuring that cryptocurrency trading and the likes is well protected against scam of all sorts including hacks

vanya.pronin.1983

member

Activity: 378

Merit: 10

Finally, fist movements towards hunting scammers. It should be done all over the world, because in this case we would have a kind of protection for basic users, that do not need to check if their exchange was hacked every single day.

btcdie

sr. member

Activity: 784

Merit: 251

In my opinion this is legitimate, the Korean government is increasing or making programs like this with the aim of minimizing the incidence of crime. Moreover, the aim is to equalize with traditional banks, that is, they must comply with customer know how and anti money laundering standards. in the news the bank must issue a real name account for crypto exchange. so in my opinion it's not really a problem, so this makes it easier for the government to track down someone who is committing crime.

DaMut

sr. member

Activity: 1246

Merit: 263

regulation for cryptocurrency or?
that is a regulation for the unregistered exchange, it has been happening for some time.
last year sec charged etherdelta for this too.

nanaimogold

sr. member

Activity: 661

Merit: 251

"The government of South Korea wants all unregistered crypto exchanges in the country to shut down. If they don’t, their owners may go to jail.

Recently, lawmakers of the country decided that all exchanges should register with the Financial Services Commission (FSC). Now it has created a bill that determined that any administrator who has not done so and continues to do business, it can serve up to five years in jail and will have to pay a fine of around $42,000 USD."

Is Regulation Just Around the Corner Guys?

https://telegra.ph/Unregistered-Crypto-Exchanges-Must-Register-With-South-Koreas-FSC-Or-Face-Jail-Time-11-22

Topic: Unregistered Cryptocurrency Exchanges Must Register with South Korea FSC (Read 119 times)