South Korea’s financial regulators plan to implement guidelines on Cryptocurrency Linding Services next month, trying to protect investors amid growing concerns over Twil an oversite and leved crypto products.
The Financial Services Commission (FSC) and Financial Supervisory Services (FSS) on Thursday announced the formation of a joint work for a regulatory structure for Crypto Gendering for the local media Yonhap news agency (YNA). This step follows the new lending services launched by South Korean Exchange Upbit and Bithamb.
Kasabilav for YNA, Bitehumb has allowed users to borrow more as four times their collateral, while upbit offers loans to 80% of the assets of users.
The task force appears to be a reaction to investors to a lack of clear safety measures, rapidly increases an aquerm at potential damage due to market rashes.
South Korea Crypto inspects on lending
Task force will be reported. Daxa is a self-vicung organization formed by five major Crypto exchanges in South Korea, including the Apbit, Bithamb, Coinone, Corebit and Gopax.
The task force will consider international rules, traditional stock market rules and local Crypto market complicated guidelines to make crypto lending guidelines.
These guidelines are expected to cover the leverage limit, user and asset eligibility, risk revelations and lending-for-producted digital asset activities hoping to cover transparency requirements.
Authorities also accepted exchanges to review high risk and legally unclear services, such as offering excessive leverage or fiat-banking services.
The new rules are expected to find a foundation for future crypto law and reflect the government’s widespread push to increase accountability in digital asset space.
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Korea’s bank to launch virtual asset committee
Linding Task Force established from South Korean Central Bank, from South Korean Central Bank, its current Central Bank Digital Currency (CBDC) follows a step to convert the Development teams into a virtual asset team that covers a comprehensive mandate.
Bank of Korea said that the virtual asset team will also be tasked to respond to the discussion on Stabecrim and other crypto assets. This will work with the survival process.
The formation of the committee was announced as there was an increase in South Korean bank shares after stabechoin-related tricks were increased.
In June, Google Finance Data increased companies such as Kakao Bank, Kukmin Bank and Industrial Bank of Korea from 10% to 19% after registering Stabechoin Trademark.
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