The post South Korea Mandates 30% Reserve for Crypto Exchanges to Deter Illegal Activities! appeared first on Coinpedia Fintech News
Cryptocurrency exchanges in South Korea with bank-issued real-name accounts will have to reserve 30% of their daily average deposits or a minimum of 3 billion won ($2.26 million) starting from September 2023. According to a report by News 1. This move by South Korea’s Financial Services Commission aims to curb illegal activities and protect investors by increasing the financial strength of cryptocurrency exchanges. The new regulation is expected to affect major exchanges such as Upbit, Bithumb, and Coinone.
Source: https://coinpedia.org/crypto-live-news/south-korea-mandates-30-reserve-for-crypto-exchanges-to-deter-illegal-activities/